Cloudflare's (NYSE: NET) stock plunged 18% on Nov. 4 after it posted its third-quarter earnings report. Revenue for the cloud-based content delivery network (CDN) and cybersecurity provider rose 47% year over year to $253.9 million, beating analysts' expectations by $4 million. Its adjusted net income rose from $1.4 million to $19.1 million, or $0.06 per share, which also cleared the consensus forecast by $0.06.
The company expects its revenue to rise 41%-42% year over year in the fourth quarter and 48%-49% for the full year. It also expects to generate a full-year adjusted profit of $0.11-$0.12 per share, compared to its loss of $0.05 in 2021. All those estimates either matched or surpassed analysts' expectations.
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Source Fool.com