Why Cloudflare Stock Is Skyrocketing Today

Shares of network security and content delivery expert Cloudflare (NYSE: NET) are soaring in the clouds today. Lifted by a robust earnings report with a side of bullish revenue guidance, the stock posted a peak gain of 27.2% just before 11 a.m. ET.

Cloudflare's second-quarter sales surged 54% above the year-ago result, landing at $234.5 million. Your average analyst would have settled for approximately $227 million. On the bottom line, adjusted earnings rose to a breakeven reading, compared to a $0.02 loss per share in the comparable period of 2021. This performance was right in line with the Street's expectations. The company also added 212 large customers during the quarter. It now has 1,749 clients in this category. Cloudflare defines a large customer as a contract with at least $100,000 in annual revenue.

Looking ahead, Cloudflare's management set up the goalposts for full-year revenue at roughly $970 million. The current analyst consensus for this figure stands at just $958 million.

Source Fool.com