Cloudflare, a global cloud services provider, reported a 30% increase in revenue for the first quarter of 2024, reaching $378.6 million compared to $290.2 million in the same period of 2023. The company's gross profit also rose to $293.6 million, with a gross margin improvement from 76% to 78%. However, Cloudflare experienced a net loss of $35.5 million, albeit a slight improvement from the $38.1 million loss in the previous year. The company's non-GAAP income from operations was $42.4 million, up from $19.4 million, and free cash flow increased to $35.6 million from $13.9 million. Cloudflare's paying customer base grew to 197,138, and customers contributing over $100,000 in annualized revenue increased to 2,878. The company's international revenue represented 48% of total revenue, indicating strong global growth. Cloudflare's business development has been marked...Show More

Cloudflare, a global cloud services provider, reported a 30% increase in revenue for the first quarter of 2024, reaching $378.6 million compared to $290.2 million in the same period of 2023. The company's gross profit also rose to $293.6 million, with a gross margin improvement from 76% to 78%. However, Cloudflare experienced a net loss of $35.5 million, albeit a slight improvement from the $38.1 million loss in the previous year. The company's non-GAAP income from operations was $42.4 million, up from $19.4 million, and free cash flow increased to $35.6 million from $13.9 million. Cloudflare's paying customer base grew to 197,138, and customers contributing over $100,000 in annualized revenue increased to 2,878. The company's international revenue represented 48% of total revenue, indicating strong global growth. Cloudflare's business development has been marked by investments in network infrastructure, an efficient go-to-market model, and a focus on new customer acquisition and expansion within existing customers. The company's future plans include continued investment in network growth, product innovation, and international expansion. Despite macroeconomic challenges, Cloudflare is monitoring the situation and adapting its strategies accordingly.