Summary by Moomoo AI
Cloudflare reported strong Q2 2024 financial results with revenue reaching $401.0 million, up 30% YoY. The company achieved non-GAAP operating income of $57.0 million with a 14.2% margin, significantly improving from 6.6% in Q2 2023. GAAP net loss narrowed to $15.1 million from $94.5 million last year.Operating cash flow was $74.8 million or 19% of revenue, while free cash flow reached $38.3 million representing 10% of revenue. The company maintained a strong balance sheet with $1.76 billion in cash and available-for-sale securities as of June 30, 2024.Looking ahead, Cloudflare provided Q3 guidance with expected revenue of $423-424 million and full-year 2024 revenue forecast of $1.66-1.66 billion. The company projects non-GAAP operating income of $50-51 million for Q3 and $196-198 million for full-year 2024.
