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- Earnings per share: Adjusted 15 cents, forecast 12 cents.
- Revenue: $362.5 million, expected $353.1 million
Cloudflare’s revenue increased approximately 32%, consistent with third-quarter growth, according to the statement. The company’s net loss was $27.9 million, or 8 cents per share, down from $45.9 million in the year-ago period.
Cloudflare co-founder and CEO Matthew Prince said in a statement that Cloudflare signed its largest-ever new customer deal and largest-ever deal during the quarter, resulting in the company’s best-ever annual He said the contract amount had been achieved. Prince mentioned the business from the U.S. Department of Commerce during a conference call with analysts.
Cloudflare is committed to providing software developers with graphics processing units that can be used for artificial intelligence. Prince said the company will have GPUs installed in 120 cities by the end of 2023, exceeding its internal goal of 100 cities.
“By the end of 2024, we expect to enable inference to GPUs deployed in nearly every city in Cloudflare’s global network within milliseconds from nearly every internet-connected device around the world. ” Prince said. This network has a presence in over 310 cities as of December 31st.
The company also hopes to grow by selling security services to businesses and government agencies. Prince said cyberattacks have become more common since Hamas carried out a terrorist attack in Israel in October.
Also Thursday, Cloudflare announced that board member Mark Anderson, former CEO of Alteryx, has joined Cloudflare as president, replacing Marc Boroditsky. Private equity firms Clearlake Capital Group and Insight Partners announced in December that they would acquire Alterix for $4.4 billion. Prince and co-founder and managing director Michel Zatlin said they aren’t going anywhere.
Regarding guidance, Cloudflare expected first-quarter revenue of $372.5 million to $373.5 million and adjusted net income per share of 13 cents. Analysts surveyed by LSEG had expected adjusted earnings of 12 cents per share on revenue of $372.3 million.
For all of 2024, Cloudflare’s revenue outlook was higher than consensus, but just shy of the middle of its revenue range. The company expects adjusted earnings per share to be 58 cents to 59 cents and revenue of $1.648 billion to $1.652 billion. Analysts polled by LSEG had expected adjusted earnings of 56 cents per share and revenue of $1.652 billion.
Excluding after-hours movements, Cloudflare stock is up about 8% since the beginning of the year, while the S&P 500 index is up about 5% over the same period.
clock: CloudFlare CEO Matthew Prince says AI is a trend that is here to stay for quite some time.
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