Cloudflare stock jumps 27% after hiking revenue outlook

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.