Cloudflare Turns Profitable in 1 Key Metric -- Time to Buy the Stock?
Cloudflare (NYSE: NET) stock has been on fire so far in 2023. Shares of the internet infrastructure company are up some 35%, propelled higher after a solid fourth-quarter 2022 earnings update and a fantastic outlook for 2023. Best of all, as management has been promising, Cloudflare also turned free-cash-flow-positive in the final months of 2022.
It's all great news for shareholders, but Cloudflare remains a very expensive stock. Is it time to buy after getting some info on what's in store for 2023?
2022 was a tough year for tech. With inflation running hot, the U.S. Federal Reserve aggressively hiked interest rates to try to cool the economy off. It took some months, but big tech has begun feeling the pinch. Employees have been losing jobs as growth came to a screeching halt in the final months of the year.
Source Fool.com
