CLOUDFLARE Reports Record Q2 Financial Results in 2023

🌥️Earnings Overview

CLOUDFLARE ($NYSE:NET) reported its second quarter financial results for the fiscal year of 2023 on June 30, 2023. This period saw USD 308.5 million in total revenue, representing a 31.5% increase from the same quarter in the previous year. Net income in this same period was USD -94.5 million, compared to -63.5 million in the same quarter of the prior year.

Share Price

On Thursday, CLOUDFLARE Inc. reported record financial results for the second quarter of 2023, with stock prices opening at $63.6 and closing at $65.0, up 1.5% from the prior closing price of 64.1. CLOUDFLARE’s strong performance was mainly due to its growing customer base and customer retention rates. CLOUDFLARE’s expanded product offerings, innovative technology and increasing customer base have contributed to its success in the second quarter of 2023. Looking ahead, CLOUDFLARE is poised to continue to deliver strong financial performances and returns for its shareholders. Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Cloudflare. CLOUDFLARE_Reports_Record_Q2_Financial_Results_in_2023″>More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Cloudflare. CLOUDFLARE_Reports_Record_Q2_Financial_Results_in_2023″>More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Cloudflare. CLOUDFLARE_Reports_Record_Q2_Financial_Results_in_2023″>More…

Key Ratios Snapshot

Some of the financial key ratios for Cloudflare are shown below. CLOUDFLARE_Reports_Record_Q2_Financial_Results_in_2023″>More…

Analysis

GoodWhale is here to help you analyze CLOUDFLARE‘s fundamentals. We rate this stock as medium risk in terms of financial and business aspects. We have detected two risk warnings in CLOUDFLARE’s balance sheet and cashflow statement. As a registered GoodWhale user, you can check these out for yourself to gain more insight. We recommend that you take the time to understand the risks associated with this stock so you can make an informed decision. More…

Peers

Cloudflare Inc is a leading provider of internet security and performance services. Its main competitors are Okta Inc, Ubiquitous AI Corp, NetLinkz Ltd.

– Okta Inc ($NASDAQ:OKTA)

Okta, Inc. is a publicly traded company with a market capitalization of $8.27 billion as of April 2021. The company provides a platform that helps organizations manage and secure user identities and access to applications. Okta’s products are used by more than 8,000 customers, including some of the world’s largest companies. The company has a negative return on equity of 9.74% as of April 2021.

– Ubiquitous AI Corp ($TSE:3858)

Ubiquitous AI Corp is a leading provider of artificial intelligence technology and services. The company has a market cap of 4.16B as of 2022 and a return on equity of 0.0%. Ubiquitous AI Corp is a pioneer in the development and application of artificial intelligence technology. The company’s technology is used in a wide range of industries, including automotive, healthcare, finance, manufacturing, and retail.

– NetLinkz Ltd ($ASX:NET)

NetLinkz Ltd is a publicly traded company with a market capitalization of 81.85 million as of 2022. The company has a Return on Equity of -33.68%. NetLinkz is a provider of software-defined networking and security solutions. The company’s products are used by enterprises, service providers, and government organizations to improve network performance and security.

Summary

Investors analyzed CLOUDFLARE’s second quarter financial results for the fiscal year of 2023 and were pleased with the 31.5% increase in total revenue compared to the same period of the prior year. Unfortunately, net income was down from -63.5 million in the same period of the prior year to -94.5 million this quarter. Investors should keep an eye on CLOUDFLARE’s performance over the next few quarters to assess the company’s overall financial health.