Why Cloudflare Stock Soared Today

Shares of Cloudflare (NYSE: NET) have soared today, up by 19% as of 12:40 p.m. EST, after the company reported strong third-quarter earnings. The results topped analyst expectations, and Cloudflare issued a rosy outlook.

Revenue in the third quarter increased 54% to $114.2 million, ahead of the consensus estimate of $103.2 million. That resulted in an adjusted net loss of $5.7 million, or $0.02 per share, which was better than the $0.05 per share in adjusted losses that Wall Street was expecting. The cybersecurity and networking technology company now has 736 large customers generating over $100,000 in annualized revenue.

Image source: Cloudflare.

Source Fool.com