The company issued muted guidance for the full-year and upcoming quarters that sent shares down, despite posting a beat on the bottom line.
Cloudflare issued muted guidance for the upcoming quarter and full-year that sent shares down as much as 25%In this articleSignage outside the Cloudflare headquarters in San Francisco, California, U.S., on Tuesday, Feb. 8, 2022. Cloudflare Inc. is expected to release earnings figures on Feb. 10.
The company also reported a net loss of $38 million for the quarter, compared to a $41 million loss for the year ago quarter. Despite the bottom-line beat, investors apparently reacted to commentary from Cloudflare chief financial officer Thomas Seifert, who said that "increasing macroeconomic uncertainty over the course of the first quarter resulted in a material lengthening of sales cycles and a significant backend-weighting of linearity."
Cloudflare's guidance for the second-quarter of 2023 was also below consensus estimates. Cloudflare guided to revenue between $305 and $306 million, versus a consensus estimate of $319 million.
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