I'm Buying This Cloud Stock if the Market Crashes
The major stock market indices are still hovering around their all-time highs, but many of the biggest pandemic winners have started to fall back to earth. Shares of Zoom, Peloton, and Zillow, for example, have all crashed at least 65% from their pandemic highs.
Even after significant declines, growth stocks are still expensive. It's not uncommon to see unprofitable software companies trading for 50 times annual sales or more. One such company is Cloudflare (NYSE: NET), a global edge computing provider that's made a name for itself protecting and speeding up websites.
Cloudflare is growing quickly as customers flock to its platform. Over 130,000 paying customers produced third-quarter revenue of $172.3 million, up 51% year over year. Cloudflare now has 1,260 customers paying the company more than $100,000 annually. Those large customers are taking advantage of the ever-growing suite of products that Cloudflare offers on top of its core content delivery and DDoS mitigation services.
Source Fool.com
