Cloudflare shares surge as revenue growth accelerates to 39% and outlook rises
Shares in Cloudflare Inc. jumped more than 14% in late trading today after the connectivity cloud company smashed third-quarter expectations and lifted its full-year outlook well above what Wall Street had been modeling. The gain more than wiped out an 8% fall in the stock during the regular session. For the quarter ended on Sept. […] The post Cloudflare shares surge as revenue growth accelerates…
Cloudflare Inc.'s shares surged more than 14% in late trading following an impressive third-quarter performance that exceeded Wall Street expectations. The company reported adjusted earnings per share of 38 cents, up from 27 cents in the same quarter last year, and revenue of $782.5 million, a 39% year-over-year increase. Analysts had projected earnings of 34 cents per share on $736.8 million in revenue.
The rapid revenue growth, reaching its fastest pace in nearly four years, pushed the company's annualized run rate past $3 billion. Cloudflare's adjusted operating margin improved to 17.5% from 15.3%, despite stock-based compensation totaling $174.1 million. The company also announced the retirement of Mark Anderson as CEO, with Christian Smith taking over as president of revenue.
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