Cloudflare Inc (NYSE:NET) shares are trading higher in Thursday’s after-hours session following the company reporting better-than-expected financial results.
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Q4 Revenue: $362.47 million, beat estimates of $353.1 million
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Q4 EPS: 15 cents, beat estimates of 12 cents
Revenues were up 32% on a year-over-year basis. Operating cash flow came in at $85.4 million, and free cash flow was $50.7 million during the quarter. The company ended the quarter with $1.67 billion in cash, equivalents and available-for-sale securities.
“To close out the year, strength in our business was driven by robust momentum with large customers, significant progress in the public sector, and growth in Cloudflare One,” said Matthew Prince, co-founder and CEO of Cloudflare.
“The machine that underlies Cloudflare is firing efficiently on all cylinders, and while the macro environment remains challenging to predict, customers continue to turn to us to connect, protect, and optimize their systems so they can gain the control they need to accelerate their businesses.”
Outlook: Cloudflare expects first-quarter revenue to be between $372.5 million and $373.5 million versus estimates of $372.3 million, according to Benzinga Pro. The company anticipates first-quarter earnings of approximately 13 cents per share versus estimates of 12 cents per share.
Cloudflare expects full-year 2024 revenue of $1.648 billion and $1.652 billion versus estimates of $1.65 billion. The company sees full-year earnings in the range of 58 cents to 59 cents per share versus estimates of 56 cents per share.
Cloudflare also announced that it appointed current board member Mark Anderson as president of revenue to help “further accelerate the company’s next phase of growth at scale to $5 billion in annual recurring revenue and beyond.”
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NET Price Action: Cloudflare shares closed Thursday up more than 8%. The stock was up another 14.2% after hours at $103.20 at the time of publication, according to Benzinga Pro.
Photo: 3844328 from Pixabay.
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This article Cloudflare Q4 Earnings: Revenue Beat, EPS Beat, Strong Guidance, ‘Robust Momentum’ And More originally appeared on Benzinga.com
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Jessica Roberts is a seasoned business writer who deciphers the intricacies of the corporate world. With a focus on finance and entrepreneurship, she provides readers with valuable insights into market trends, startup innovations, and economic developments.
