Shares of Cloudflare (NYSE:NET) surged in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2022. Earnings per share came in at $0.06, which beat analysts’ consensus estimate of $0.04 per share. Sales increased by 41.9% year-over-year, with revenue hitting $274.7 million. This beat analysts’ expectations of $274.07 million.
Cloudflare achieved a record in both operating cash flow and free cash flow in the fourth quarter. It not only posted $78.1 million in operating cash flow but also generated $33.7 million in free cash flow.
Looking forward, management now expects revenue for Q1 2023 to be in the range of $290 million to $290.1 million. EPS is expected to be in the range of $0.03 – $0.04. For the 2023 fiscal year, management looks for total revenue of between $1.33 billion and $1.342 billion and EPS figures between $0.15 and $0.16.
Overall, Wall Street has a consensus price target of $56.58 on Cloudflare, implying 2.73% downside risk, as indicated by the graphic above.
