Cloudflare Inc (NYSE:NET) shares are trading higher after the company reported better-than-expected fourth-quarter sales results and issued first-quarter and FY22 EPS and sales guidance above estimates.
Cloudflare reported quarterly sales of $193.60 million which beat the analyst consensus estimate of $184.90 million by 5%.
Cloudflare sees FY22 adjusted EPS of 3-4 cents, higher than the analyst consensus estimate of 2 cents. Cloudflare also sees FY22 sales $927-$931 million, higher than the analyst consensus estimate of $888.40 million.
“We had a most excellent 2021, capping off the year with fourth quarter revenue growth up 54% year-over-year. The full year represented a 52% year-over-year increase in revenue growth and a 71% year-over-year increase in large customer growth. It was also the fifth straight year we achieved 50 percent, or greater, compounded growth,” said Matthew Prince, co-founder & CEO of Cloudflare.
“Our continued success is fueled by a culture of relentless innovation on top of a highly scalable platform. That’s why we’re uniquely positioned to extend our network, introduce new Zero Trust capabilities, and grow our total addressable market. We’ve never been more motivated to take on this huge opportunity as corporate networks transition to the cloud, and developers line-up to build on our edge,” Prince stated.
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Cloudflare has a 52-week high of $221.64 and a 52-week low of $60.96.
