1 Magnificent Growth Stock That Could Jump Another 50% Following Solid Gains This Year
Cloudflare (NYSE: NET) stock has regained its mojo in recent months after crashing big time earlier this year. In April, the internet infrastructure services provider downgraded its full-year guidance, owing to macroeconomic pressures that elongated its sales cycle and led customers to tighten their belts.
Shares of Cloudflare are up 27% in the past six months, and it looks like investors have confidence in the company's long-term prospects despite the near-term challenges it's facing. The company released third-quarter results on Nov. 2, and the stock has been heading higher since then, even though guidance turned out to be below expectations.
CFO Thomas Seifert said on the latest earnings conference call that with "broadening geopolitical uncertainty and increasingly mixed macroeconomic data points across geographies, the business environment in which we operate remains challenging to predict." This led Cloudflare to deliver muted guidance.
Source Fool.com
