Cloudflare stock jumps 19% on earnings beat as the company wins larger deals

Cloudflare exceeded expectations with its revenue and adjusted earnings, causing its stock to surge by 19% in after-hours trading. The web security and content distribution network provider reported a revenue of $362.5 million, surpassing the estimated $353.1 million. The company’s net loss also narrowed compared to the previous year. Cloudflare attributed its success to major deals with new and existing customers, resulting in the highest annual contract value in its history. The company also announced changes in its board and provided guidance for the first quarter and full year of 2024.