Cloudflare (NYSE: NET) had been on my watchlist for quite some time. I've watched as shares of the global cloud services provider have tumbled nearly 60% from their peak over the past year. During that time, the company's financial results have steadily improved. That recently led me to step off the sidelines and add a few shares of the beaten-down growth stock to my portfolio.

Here's why I think the sell-off looks like a good buying opportunity for long-term investors.

Cloudflare recently reported its fourth-quarter and full-year results, which were impressive. Revenue surged 42% in the quarter to $274.7 million while jumping 49% for the year to $975.2 million. It also reported $35.7 million of non-GAAP (adjusted) income from operations last year, an improvement from a net loss of $7 million in 2021.

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Source Fool.com