NET's third-quarter results reflect solid performances across its segments, driven by the growing need for stronger security and zero-trust approach.
Cloudflare (NET) came out with quarterly earnings of $0.20 per share, beating the Zacks Consensus Estimate of $0.18 per share. This compares to earnings of $0.16 per share a year ago.
Cloudflare forecast fourth-quarter revenue below estimates on Thursday, hurt by intense competition in the cybersecurity market while businesses cut back on spending in an uncertain economy.
Cloudflare, Inc.'s Q3 '24 earnings forecast is $424mm in revenue and $0.18/share EPS, with analysts upgrading EPS forecasts twice in the last 90 days. Strong growth in Cloudflare's secure network and edge privacy features for AI inferencing may support growth as more enterprises turn to AI for productivity gains. Cloudflare's Q2 '24 saw 30% revenue growth, driven by large new customer accounts and an aggressive go-to-market strategy, improving operating margins.
NET's Q3 2024 results are likely to reflect benefits from an expanding clientele supported by its technological innovations despite macroeconomic headwinds.
Cloudflare (NET) closed at $89.52 in the latest trading session, marking a +1.8% move from the prior day.
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Although NET's strong market position and expansion in the AI market are encouraging, high valuation warrants caution.
In the latest trading session, Cloudflare (NET) closed at $93.75, marking a +0.3% move from the previous day.