SEARCH FINANCIAL SERVICES INFRASTRUCTURE SECURITY SCIENCE INTERVIEWS

 

     

Cloudflare Tops Forecasts - Guides Up

August 11, 2010

Cloudflare reported financial results for its second quarter ended June 30, 2020. The firm delivered an adjusted 3-cent loss per share with revenue rising 48% to $99.7 million. Wall Street was looking for a loss of 6 cents per share on revenue of $94.1 million.

Cloudflare expects a Q3 loss in a range of 5 cents to 6 cents. The firm sees Q3 revenue of $103 million.

But, investors were only expecting a loss of 5 cents on revenue of $98.7 million.

"We delivered a strong second quarter, with revenue growth up 48% year-over-year, and added a record number of both large and paying customers," said Matthew Prince, co-founder and CEO, Cloudflare. "It has been incredible to see the rate of innovation that has continued, and even accelerated, as we work remotely. We hired more new team members than any other quarter in our history, attracting more than 47,000 applicants in just three months. As others pull back, we're investing in our future, and the services our customers depend on for a fast, reliable, and secure Internet during these challenging times."

Second Quarter Fiscal 2020 Financial Highlights

  • Revenue: Total revenue of $99.7 million, representing an increase of 48% year-over-year.
  • Gross Profit: GAAP gross profit was $75.6 million, or 75.8% gross margin, compared to $52.6 million, or 78.0%, in the second quarter of 2019. Non-GAAP gross profit was $76.6 million, or 76.8% gross margin, compared to $52.7 million, or 78.1%, in the second quarter of 2019.
  • Operating Loss: GAAP loss from operations was $24.7 million, or 24.8% of total revenue, compared to $19.8 million, or 29.3% of total revenue, in the second quarter of 2019. Non-GAAP loss from operations was $9.5 million, or 9.5% of total revenue, compared to $18.7 million, or 27.7% of total revenue, in the second quarter of 2019.
  • Net Loss: GAAP net loss was $26.1 million, compared to $19.7 million in the second quarter of 2019. Non-GAAP net loss was $9.6 million, compared to $18.6 million in the second quarter of 2019. GAAP net loss per share was $(0.09), compared to $(0.23) in the second quarter of 2019. Non-GAAP net loss per share was $(0.03), compared to $(0.22) in the second quarter of 2019.
  • Cash Flow: Net cash flow from operations was $4.0 million, compared to negative $2.9 million for the second quarter of 2019. Free cash flow was negative $20.2 million, or 20% of total revenue, compared to negative $16.9 million, or 25% of total revenue, in the second quarter of 2019.
  • Cash, cash equivalents, and available-for-sale securities were $1,069.1 million as of June 30, 2020.

Terms of Use | Copyright 2002 - 2020 CONSTITUENTWORKS SM  CORPORATION. All rights reserved. | Privacy Statement