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Cybersecurity company Cloudflare (NYSE: NET) reported results that topped Wall Street expectations and hiked its revenue outlook for the year. Shares jumped as much as 27%.
Revenue climbed 54% from a year earlier to $234.5 million, maintaining its growth rate from three months earlier, despite a slowdown in other parts of the technology industry. Analysts were expecting revenue of $227.3 million.
“We delivered another strong quarter, with revenue growth up 54% year over year, driven by strength in our large customers, and a record number of large customer additions,” said Matthew Prince, Cloudflare’s chief executive, and co-founder, in a statement.
The company reported a second-quarter loss of $63.5 million, or 20 cents a share, compared with a loss of $35.5 million, or 12 cents a share, in the year-ago period.
Prince said the company has changed its “go-to-market message” during the downturn and is focused on helping customers save money and consolidate “spend from multiple point solution vendors behind Cloudflare’s broad platform.”
Source - Cloudflare
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