Cloudflare Inc ( (NET) ) has released its Q3 earnings. Here is a breakdown of the information Cloudflare Inc presented to its investors.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Cloudflare, Inc. is a leading connectivity cloud company that provides a unified platform of cloud-native products and developer tools aimed at enhancing the speed and security of networks and applications for organizations across the globe.
In its third quarter of 2024, Cloudflare reported substantial revenue growth and operational improvements, marking a significant transformation in its market approach. The company achieved a 28% year-over-year revenue increase, bringing the total to $430.1 million, and made notable strides in adding large customers, with 35% of the Fortune 500 now utilizing its services.
Key financial highlights include a GAAP gross profit of $334.1 million with a gross margin of 77.7%, and a non-GAAP income from operations of $63.5 million, highlighting a positive operating cash flow of $104.7 million. The company also recorded a free cash flow of $45.3 million, reflecting its strategic financial management and operational efficiency. While the GAAP loss from operations was $30.8 million, the non-GAAP net income was reported at $72.6 million, indicating a strong underlying business performance.
Looking ahead, Cloudflare expects robust revenue growth, projecting a revenue of up to $452 million for the fourth quarter of 2024. The company continues to focus on enhancing its product offerings and expanding its customer base, aiming for sustained financial and operational growth as it navigates the evolving connectivity landscape.