Cloudflare (NET) Q4 2023 earnings report

Cloudflare (NET) Q4 2023 earnings report

  • Earnings per share: 15 cents revised versus 12 cents expected
  • he won: $362.5 million vs. $353.1 million expected

Cloudflare’s revenue rose about 32%, consistent with growth in the third quarter, according to a statement. The company’s net loss of $27.9 million, or 8 cents per share, narrowed from $45.9 million in the same quarter last year.

Cloudflare signed its largest new customer deal and largest renewal to date this quarter, resulting in the highest annual contract value in the company’s history, Matthew Prince, Cloudflare co-founder and CEO, said in the release. In a conference call with analysts, Prince mentioned the work being done by the US Department of Commerce.

Cloudflare is working to provide software developers with GPUs they can use for artificial intelligence. The company has installed GPUs in 120 cities by the end of 2023, higher than the internal target of 100 cities, Prince said.

“By the end of 2024, we plan to have inference from GPUs deployed in nearly every city that makes up Cloudflare’s global network and within milliseconds from virtually every Internet-connected device around the world,” Prince said. The network had a presence in more than 310 cities as of December 31.

Also on Thursday, Cloudflare said Mark Anderson, a board member who was previously CEO of Alteryx, will join Cloudflare as president, replacing Mark Boroditsky. Private equity firms Clearlake Capital Group and Insight Partners announced in December that they would acquire Alteryx for $4.4 billion. Prince said he and co-founder and chief operating officer Michelle Zatlin aren’t going anywhere.

In terms of guidance, Cloudflare called for 13 cents of adjusted net earnings per share from $372.5 million to $373.5 million in revenue in the first quarter. Analysts surveyed by LSEG were expecting 12 cents per share in adjusted earnings on revenue of $372.3 million.

For full-year 2024, Cloudflare’s earnings forecasts were above consensus, but missed the middle of the revenue range slightly. The company expects 58 cents to 59 cents in adjusted earnings per share and revenue of $1.648 billion to $1.652 billion. Analysts polled by LSEG were looking for 56 cents in adjusted earnings per share on revenue of $1.652 billion.

Excluding after-hours movement, Cloudflare stock is up about 8% so far this year, while the S&P 500 is up about 5% over the same period.

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He watches: AI is a trend that will be with us for some time, says CloudFlare CEO Matthew Prince

(tags for translation) Earnings

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