Cloudflare, Inc. (NET) shares surged 8.31% in a 24-hour period following the release of its stellar third-quarter financial results and optimistic future guidance. The web infrastructure and security company demonstrated robust performance, significantly surpassing analyst expectations and showcasing accelerating growth momentum.

Cloudflare reported Q3 revenue of $562.027 million, beating the IBES estimate of $544.8 million, while adjusted earnings per share (EPS) came in at $0.27, outperforming the expected $0.23. CEO Matthew Prince highlighted that revenue growth accelerated for the second consecutive quarter, reaching 31% year-over-year. This strong financial performance indicates Cloudflare's continued success in expanding its customer base and increasing adoption of its services in an increasingly digital world.

Adding to the positive sentiment, Cloudflare provided an encouraging outlook for both the fourth quarter and the full fiscal year. The company projects Q4 revenue between $588.5 million and $589.5 million, while the full-year revenue forecast stands at $2,142 million to $2,143 million. Furthermore, Cloudflare raised its full-year adjusted EPS guidance to $0.91, up from the previous range of $0.85-$0.86, signaling confidence in its ability to maintain profitability while investing in growth. These forward-looking statements have likely contributed to the enthusiastic response from investors, who see potential for continued expansion and market share gains in the cloud security and infrastructure space.