Cloud-based services provider, Cloudflare, announced its impressive Q4 2023 results, which surpassed analysts’ expectations. The company reported a narrowed loss of $27.9 million, or 8 cents per share, compared to a loss of $45.9 million, or 14 cents per share, in the previous year. Adjusted earnings per share stood at 15 cents, exceeding FactSet’s estimate of 12 cents.
Cloudflare’s revenue also saw significant growth, surging by 32% to reach $362.5 million, compared to $274.7 million in the same quarter last year. This notable increase was higher than the FactSet consensus estimate of $353.1 million.
Matthew Prince, Cloudflare’s Chief Executive, expressed optimism about the company’s performance despite the unpredictable macro environment. He emphasized that customers continue to rely on Cloudflare’s services to connect, protect, and optimize their systems, enabling them to accelerate their businesses.
Cloudflare has set high expectations for Q1 2024, with a projected revenue range of $372.5 million to $373.5 million and adjusted earnings per share of 13 cents. Analysts surveyed by FactSet had predicted revenue of $372.3 million and adjusted earnings per share of 12 cents for the first quarter.
Looking ahead to the full year 2024, Cloudflare anticipates revenue between $1.648 billion and $1.652 billion, with adjusted earnings per share ranging from 58 cents to 59 cents. This forecast slightly differs from the FactSet consensus estimate of $1.65 billion in revenue and adjusted earnings per share of 54 cents.
In summary, Cloudflare’s Q4 2023 results demonstrate strong performance and growth in key areas such as large customer acquisition, progress in the public sector, and the expansion of Cloudflare One.