2024-02-09 14:59:00
The cloud company Cloudflare CLOUDFLARE 0% Close:0 Open:0 High:0 Low:0 Turnover:– page quote news graphs company profile recommendations additional articles on the subject: published its reports for the quarter and exceeded analysts’ expectations. The company posted earnings per share of 15 cents, while the expectation was for 12 cents. Revenues increased by 32% to $363 million, while the expectation was for $353.11 million.
For 2024, the cloud and security company expects earnings per share of between 58 and 59 cents with revenues of $1.648-1.652 billion. Wall Street expects earnings per share of 56 cents on revenue of $1.652 billion.
Cloudflare offers a wide range of services, including secure cloud services for companies and governments, web hosting services and even provides software developers with graphics processors used for artificial intelligence development. “The machine called Cloudflare is effectively coming down in all directions,” said Matthew Prince, the company’s CEO. “While the macro environment is still challenging to predict, customers continue to turn to us to connect, protect and optimize their systems to gain the control they need to accelerate the businesses”.
Boffenheimer raised their target price on Cloudflare stock to $122 from $85 and gave it an “outperform” recommendation. “The breadth and depth of the uses of artificial intelligence are extraordinary,” the analysts wrote.
“We are working to deploy graphics processors in almost every city where Cloudflare’s global network is located and reach within milliseconds almost any device connected to the Internet around the world,” Prince added. Cloudflare’s network was deployed in 310 cities as of December 31. The company is also looking to grow by selling security services to companies and government agencies as cyber attacks have become more common since the Hamas terror attack on Israel.
Barring today’s jump, Cloudflare shares are up 8% so far this year, while the S&P 500 is up about 5% over the same period.
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Cyber - the tanks and planes of cyber space. (L.T.)
Raz 09/02/2024 20:11
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