Cloudflare Crushes Q4, Stock Rockets 14% After Hours
The CDN giant posted $614.5M in Q4 revenue, beating estimates and issuing bullish guidance for 2024.
Cloudflare just dropped a quarter that made Wall Street very happy. The cloud content delivery network pulled in $614.5 million in Q4 revenue — a 34% jump year-over-year that sailed past the $591.3 million analysts expected.
But wait, there's more. The company also issued guidance for both Q1 and full-year revenue that topped Street estimates. Investors loved it.
NET shares surged more than 14% in after-hours trading on the news. That's a serious pop for a company already trading at premium valuations.
The beat signals strong demand for Cloudflare's security and performance services as enterprises continue shifting workloads to the cloud. When you're growing revenue at 34% at this scale, you're doing something right.