Cloudflare Inc (NYSE:NET) saw its shares jump 8% after the connectivity cloud company reported first-quarter revenue that exceeded analyst expectations, despite earnings meeting estimates.

The company posted revenue of $479.1 million for the quarter ended March 31, 2025, a 27% increase YoY and surpassing the consensus estimate of $469.65 million. Adjusted earnings per share came in at $0.16, in line with analyst projections.

Cloudflare’s strong performance was highlighted by CEO Matthew Prince, who noted, "We kicked off 2025 with confidence, momentum, and strong results. In Q1, we landed the largest contract in Cloudflare’s history, a more than $100 million deal driven by our Workers developer platform, and signed the longest-term SASE contract to date."

The company’s guidance for the second quarter and full year 2025 was mixed. For Q2, Cloudflare expects revenue between $500 million and $501 million, slightly below the consensus of $500.9 million. The company projects adjusted EPS of $0.18, below the $0.19 analyst estimate.

For the full year 2025, Cloudflare forecasts revenue of $2.09 billion to $2.094 billion, in line with analyst expectations of $2.09 billion. However, the company’s adjusted EPS guidance of $0.79 to $0.80 falls short of the $0.82 consensus.

Cloudflare’s Q1 non-GAAP income from operations was $56.0 million, or 11.7% of revenue, an improvement from $42.4 million, or 11.2% of revenue, in the same quarter last year.