Skip to Content

Cloudflare's stock is sinking after revenue outlook disappoints investors

By Jon Swartz

Cloudflare Inc.'s stock dropped 14% in extended trading Thursday, following a quarterly report that was largely in line with analyst estimates but included a revenue outlook that fell short.

Cloudflare (NET) reported a fiscal first-quarter net loss of $35.5 million, or 10 cents a share, compared with a net loss of $38.1 million, or 12 cents a share, in the same quarter a year ago. Adjusted earnings were 16 cents a share.

The cloud company's revenue jumped 30% to $378.6 million, from $290.2 million in the year-ago quarter.

Analysts surveyed by FactSet had expected on average adjusted earnings of 13 cents a share on revenue of $373 million.

Cloudflare provided second-quarter revenue guidance of $393.5 million to $394.5 million, while FactSet analysts are forecasting $393 million.

Shares of Cloudflare have improved 7% this year through Thursday, while the broader S&P 500 index SPX has increased 23.5%.

-Jon Swartz

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.


(END) Dow Jones Newswires

05-02-24 2022ET

Copyright (c) 2024 Dow Jones & Company, Inc.

Market Updates

Sponsor Center