Cloudflare stock fell on its second-quarter earnings report as profit and revenue topped analyst estimates, but the size of the beat may have disappointed. Cloudflare earnings guidance for the September quarter came in above expectations.
San Francisco-based Cloudflare(NET) reported a second-quarter loss of 2 cents per adjusted share vs. a 3-cent loss in the year-earlier period. Revenue jumped 53% to $152.4 million, said the provider of cloud-based networking and cybersecurity services.
Analysts expected Cloudflare to report a loss of 3 cents per share on revenue of $146.1 million for the period ended June 30.
Cloudflare stock fell nearly 6% to 114.72 in after-hours trading on the stock market today.
Cloudflare Stock: Revenue Outlook Above Views
"We added a record number of large customers, signing the equivalent of more than two six-figure customers every single business day in Q2," Chief Executive Matthew Prince said in the company's earnings news release.
Heading into the earnings report, Cloudflare stock was extended, trading well above its 95.87 entry point.
For the current quarter ending in September, Cloudflare expects a loss in a range of 3 cents to 4 cents. It forecast revenue of $165.5 million at the midpoint of its guidance range.
Meanwhile, analysts had projected a loss of 2 cents on revenue of $157.4 million.
Heading into the Cloudflare earnings report, the software stock owned a Relative Strength Rating of 86 out of a best-possible 99, according to IBD Stock Checkup.
Started in 2009, Cloudflare speeds up and provides security for web applications routed through its intelligent global network. The company competes in both corporate and consumer markets.
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