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Cloudflare’s Stock Rises 25% On Earnings Beat

The stock of Cloudflare (NET) is up 25% after the cybersecurity firm issued better-than-expected fourth-quarter financial results and offered bullish guidance.

The company announced earnings per share (EPS) of $0.15 U.S. versus $0.12 U.S. that had been forecast on Wall Street.

Revenues in the final quarter of last year totaled $362.5 million U.S. compared to $353.1 million U.S. that had been expected among analysts. Sales were up 32% from a year ago.

Cloudflare also announced that it signed its largest new customer deal and biggest renewal to date during the quarter, resulting in the highest annual contract value in corporate history.

Looking ahead, Cloudflare said that it expects EPS of $0.13 U.S. and $372.5 million U.S. to $373.5 million U.S. in revenue for the current first quarter of 2024.

Analysts had expected $0.12 U.S. in earnings and revenue of $372.3 million U.S. for Q1.

Before today, the stock of Cloudflare had gained 55% over the last 12 months to trade at $90.31 U.S. per share.