Cloudflare Stock Gains On Q3 Earnings Report: Here's Why

Benzinga
10/31

Cloudflare Inc. (NYSE:NET) shares were up after the company released its third-quarter earnings report after Thursday's closing bell.

  • NET stock is up. See the real-time price action here.

Here's what to know.

The Details: Cloudflare reported quarterly earnings of 27 cents per share, which beat the Street estimate of 23 cents.

Quarterly revenue came in at $562.02 million, which beat the analyst estimate of $544.82 million.

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The company delivered RPO year-over-year growth of 43% and current RPO year-over-year growth of 30%.

「Our excellent third quarter results clearly demonstrate our increasing momentum, with revenue growth accelerating for the second consecutive quarter to 31 percent year-over-year. Great companies innovate and execute, and we continue to deliver on both,」 said Matthew Prince, CEO of Cloudflare.

Outlook: Cloudflare expects fourth-quarter total revenue in a range of $588.5 million to $589.5 million.

NET Stock Price: According to data from Benzinga Pro, Cloudflare stock was up 7.87% at $240 in Thursday's extended trading. 

Read Next: 

  • Google’s Q3 Sends Stock To New Highs, Analysts Say ‘AI Momentum Is Nanobananas’

Photo: Shutterstock

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