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Cloudflare stock jumps 21% on earnings beat as the company wins larger deals

·1 min

Cloudflare exceeded revenue and adjusted earnings expectations and provided a strong quarterly outlook. The company achieved a record annual contract value due to significant deals with both new and existing customers. Cloudflare’s revenue increased by approximately 32%, resulting in a narrowed net loss compared to the previous year. The CEO mentioned the company’s progress in supplying software developers with GPUs for artificial intelligence and its plans to expand its global network. Cloudflare is also focusing on selling security services. Mark Anderson has joined the company as president. Cloudflare’s guidance for the first quarter and 2024 was positive overall.