Summary by Moomoo AI
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