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BUZZ-Cloudflare jumps on optimistic Q2 forecast

Reuters
May 09
BUZZ-Cloudflare jumps on optimistic Q2 forecast

** Software firm Cloudflare's NET.N shares rise 10.3% to $137.01 in extended trading

** NET forecasts Q2 revenue above estimates; full-year outlook remains unchanged

** Co expects sales between $500 million to $501 million, midpoint of range above estimates of $500.3 mln — LSEG

** Sees adj profit of 18 cents per share for Q2 vs estimate of 19 cents per share

** Reported revenue of $479.1 million in Q1, beating estimate of $469.3 mln

** NET posted adj Q1 earnings of 16 cents per share vs estimate of 17 cents per share

** "In Q1, we landed the largest contract in Cloudflare's history, a more than $100 million deal driven by our Workers developer platform" — CEO Matthew Prince

** NET up ~15.4% YTD

(Reporting by Arsheeya Bajwa)

((ArsheeyaSingh.Bajwa@thomsonreuters.com; +91 8510015800))

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