Summary by Moomoo AI
Cloudflare reported strong Q3 2024 financial results with revenue reaching $430.1 million, up 28% YoY. The company achieved non-GAAP operating income of $63.5 million with a 15% margin, while operating cash flow was $104.7 million representing 24% of revenue. Free cash flow reached $45.3 million or 11% of revenue.The company added a record 219 large customers in Q3, with 35% of Fortune 500 companies now being paying customers. GAAP gross profit margin improved to 77.7% from 76.7% YoY, while non-GAAP gross margin held steady at 78.8%. The company maintained strong cash position with $1.82 billion in cash and available-for-sale securities.For Q4 2024, Cloudflare expects revenue of $451-452 million and non-GAAP operating income of $57-58 million. Full-year 2024 guidance projects total revenue of $1.66 billion and non-GAAP operating income of $220-221 million.
