Cloudflare Inc (NYSE:NET) is trading lower Friday despite reporting better-than-expected financial results and issuing strong guidance.
Cloudflare said first-quarter revenue increased 54% year-over-year to $212.17 million, which beat the $205.65 million estimate, according to data from Benzinga Pro. The company reported quarterly earnings of 1 cent per share, which was up from a net loss of 3 cents per share in the prior year quarter.
Cloudflare said it expects second-quarter revenue to be between $226.5 million and $227.5 million versus the $217.87 million estimate. Full-year revenue is expected to be between $955 million and $959 million versus the $932.73 million estimate.
Cloudflare said it expects full-year earnings to be between 3 and 4 cents per share versus the estimate of 3 cents per share.
Analyst Assessment:
- Citigroup analyst Fatima Boolani maintained Cloudflare with a Neutral rating and lowered the price target from $120 to $95.
- Mizuho analyst Gregg Moskowitz maintained Cloudflare with a Neutral rating and lowered the price target from $135 to $90.
Cloudflare is a software company that utilizes a distributed, serverless content delivery network to provide security and web performance offerings.
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NET 52-Week Range: $64.84 - $221.64
The stock was down 16.6% at $64.90 at time of publication.
Photo: courtesy of Cloudflare.
