Cloudflare Inc (NYSE:NET) on Thursday reported upbeat third-quarter financial results.
Cloudflare reported third-quarter revenue of $782.513 million, up 39% year-over-year. The revenue total beat a Street consensus of $738.532 million, according to data from Benzinga Pro. The company reported earnings of 38 cents per share for the quarter, beating a Street consensus estimate of 34 cents per share.
“The third quarter was Cloudflare’s best quarter ever,” Cloudflare CEO Matthew Prince said. “We crossed $3 billion in annualized revenue.”
The company is guiding for fourth-quarter revenue to be in a range of $845.00 million to $846.00 million, ahead of a Street estimate of $797.67 million. Fourth-quarter earnings per share are expected to be 43 cents, compared to a Street estimate of 38 cents per share.
For the full fiscal year, Cloudflare raises its revenue guidance to a range of $2.963 billion to $2.964 billion, up from a prior range of $2.864 billion to $2.870 billion. Earnings are expected to be $1.35 for the full fiscal year, up from a prior range of $1.25 to $1.26. The Street is expecting full-year revenue of $2.872 billion and earnings of $1.28 per share.
Cloudflare shares jumped 19.9% to $293.04 in pre-market trading.
These analysts made changes to their price targets on Cloudflare following earnings announcement.
- Needham analyst Mike Cikos maintained the stock with a Buy and lowered the price target from $380 to $365.
- Cantor Fitzgerald analyst Thomas Blakey maintained the stock with a Neutral and lowered the price target from $340 to $310.
Considering buying NET stock? Here’s what analysts think:
Photo via Shutterstock
Recent Comments