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

Benzinga
Oct 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.

Read Next: Elon Musk’s Tesla Fleet Dream — AWS On Wheels

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

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10