Why Cloudflare Stock Is Plummeting Today
Cloudflare (NYSE: NET) stock is getting crushed early in Friday's trading. The company's share price was down roughly 20.8% at 10 a.m. ET.
Cloudflare published its first-quarter earnings results after the market closed yesterday, delivering sales and earnings for the period that came in ahead of the market's expectations. The company posted non-GAAP (adjusted) earnings of $0.01 on revenue of $212.2 million, while the average analyst estimate had called for a break-even quarter on sales of $205.6 million. However, the company's Q1 free cash flow disappointed investors, and its forward guidance seemingly underwhelmed the market at a time when growth stocks are already under pressure.
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Source Fool.com
