Cloudflare on Thursday reported second quarter earnings and revenue that topped Wall Street targets while guidance came in above expectations. Cloudflare stock rose on the news.
Reported after the market close on Thursday, Cloudflare earnings for the quarter ending June 30 came in at 20 cents, up 100% from a year earlier.
Also, revenue climbed 30% to $401 million, the San Francisco-based company said.
Meanwhile. analysts predicted adjusted profit of 14 cents a share and revenue of $394 million.
"We had a strong second quarter, crossing $1.6 billion in annualized revenue and growing 30% year-over-year," Chief Executive Matthew Prince said in the earnings release.
Cloudflare Stock: Guidance Above Views
For the current quarter ending Sept. 30, Cloudflare forecast adjusted EPS of 18 cents, above estimates for 15-cent profit, and revenue of $423.5 million versus consensus estimates of $422.7 million.
On the stock market today, Cloudflare stock climbed more than 10% to 82 in extended trading. NET stock had retreated 7% in 2024 heading into the Cloudflare earnings report.
In addition, Cloudflare stock owns a Composite Rating of 56 out of a best-possible 99, according to IBD Stock Checkup.
Started in 2009, Cloudflare works to speed up and provide security for web applications routed through its intelligent global network. The company has added web infrastructure to handle fast emerging generative artificial intelligence apps.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.
