Cloudflare earnings and revenue for the March quarter topped analyst estimates while revenue guidance came in above Wall Street targets. Cloudflare stock rose in extended trading, clawing back from a big loss in Thursday’s regular session as software growth stocks retreated.
San Francisco-based Cloudflare (NET) reported a first-quarter loss of 3 cents per adjusted share vs. a 4-cent loss in the year-earlier period. Revenue jumped 51% to $138.1 million, said the provider of cloud-based networking and cybersecurity services.
Analysts expected Cloudflare to report a loss of 3 cents per share. Estimates called for revenue of $131 million for the period ended March 31.
Cloudflare stock rose 6.2% to 73.37 in extended trading on the stock market today. In Thursday’s regular session, Cloudflare stock plunged 12.6%.
Cloudflare Stock: Revenue Outlook Above Views
For the current quarter ending in June, Cloudflare expects a loss in a range of 3 cents to 4 cents. It sees revenue of $146 million at the midpoint of its guidance range.
Meanwhile, analysts had projected a loss of 3 cents on revenue of $139.1 million.
Started in 2009, Cloudflare speeds up and provides security for web applications routed through its intelligent global network. The company competes in both corporate and consumer markets.
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