Cloudflare, Inc.
Revenue came in at $362.47 million, beating estimates of $353.1 million. The company posted earnings of 15 cents per share, topping estimates of 12 cents per share, according to data from Benzinga Pro.
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.
"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."
Cloudflare shares rose 22.3% to trade at $110.46 on Friday.
These analysts made changes to their price targets on Cloudflare after the company reported quarterly results.
- Needham raised the price target on Cloudflare from $110 to $135. Needham analyst Alex Henderson maintained a Buy rating.
- Wells Fargo boosted the price target on Cloudflare from $95 to $125. Wells Fargo analyst Andrew Nowinski maintained an Overweight rating.
- Susquehanna increased the price target on Cloudflare from $75 to $115. Susquehanna analyst Aaron Samuels maintained a Neutral rating.
- RBC Capital boosted the price target on Cloudflare from $95 to $108. RBC Capital analyst Matthew Hedberg maintained an Outperform rating.
