Cloudflare Inc Stock Price, News & Analysis

Cloudflare, Inc. (NYSE: NET) has announced the general availability of its Cloudflare R2 Storage, a distributed object storage service that eliminates egress costs for developers. This service allows seamless migration from S3-compatible APIs, enabling developers to focus on innovation without financial burdens from high storage fees. The initial beta attracted over 11,000 developers, and R2 aims to be at least 10% cheaper than S3 Standard. With R2, users can enhance application performance and reduce costs significantly by avoiding vendor lock-in and egress fees.

Cloudflare (NYSE: NET) has launched its Cloud Access Security Broker (CASB) and Data Loss Prevention (DLP) services as part of its Zero Trust platform. These tools enhance visibility and control over corporate SaaS applications, addressing increased security challenges faced by businesses using more cloud-based services. In the past 90 days, CASB has detected over five million cases of potential data oversharing. The integrated CASB and DLP services aim to protect sensitive data and prevent insider threats while ensuring quick deployment and minimal disruption to productivity.

Cloudflare has been named a Leader in the Gartner Magic Quadrant for Web Application and API Protection (WAAP) for the first time. The recognition highlights Cloudflare's robust capabilities in executing and its vision completeness, amidst a competitive landscape of 11 vendors. CEO Matthew Prince emphasized their significant investment in API protection, noting that over half of their network traffic pertains to APIs. The company has enhanced its threat intelligence and introduced various client-side protection measures.

Cloudflare, Inc. (NYSE: NET) reported Q2 2022 revenue of $234.5 million, reflecting a remarkable 54% year-over-year growth. The company added a record 212 large customers, totaling 1,749 large customers, which now drive 60% of its revenue. Despite achieving positive operating cash flow of $38.3 million (16% of revenue), Cloudflare experienced a GAAP net loss of $63.5 million. Gross margin slightly decreased to 76.2%. The cash balance stood at $1.64 billion as of June 30, 2022.

Cloudflare, Inc. (NYSE: NET) will report its financial results for Q2 2022, ending June 30, after market close on August 4, 2022. An investor conference call is scheduled for 2:00 p.m. PT to discuss the results, accessible via phone or live webcast on their investor relations website. A replay will be available for 30 days post-event. Cloudflare focuses on enhancing Internet security and performance, having been recognized among the World’s Most Innovative Companies in 2019.

Cloudflare (NYSE: NET) has launched the Cloudflare One Partner Program, designed to enhance collaboration with channel partners. This program integrates Zero Trust and Cloud Email Security solutions, enabling seamless deployment for organizations. In the last year, Cloudflare has seen a 100% increase in customers and a 6x rise in daily traffic. The program offers partners tools for implementation support and customer guidance, aiming to simplify Zero Trust adoption without disrupting workflows.

Cloudflare, Inc. (NYSE: NET) reported 100% year-over-year customer growth and a 6X increase in daily traffic due to the expansion of Cloudflare One, its Zero Trust SASE platform. This platform now features advanced email security, data loss prevention tools, and private network discovery, enabling organizations to secure resources without disrupting productivity. The service is integrated into Cloudflare's expansive network, simplifying deployment and enhancing performance. Major brands, including financial services and airlines, trust Cloudflare for their security needs.

Cloudflare has elected Mark Hawkins, former President and CFO of Salesforce, to its board of directors during the 2022 Annual Meeting of Shareholders. With over 35 years of experience in finance at major tech firms, including a significant role in Salesforce's revenue growth from $4 billion to $26 billion, Hawkins is expected to enhance Cloudflare's strategic direction. His insights are anticipated to support Cloudflare’s ongoing mission to provide a secure and efficient Internet infrastructure.