Cloudflare Inc Stock Price, News & Analysis

Cloudflare (NYSE: NET) has launched the Impact Initiative, focusing on Project Safekeeping to support small and medium critical infrastructure organizations in Australia, Germany, Japan, Portugal, and the United Kingdom. This initiative provides free Zero Trust cybersecurity services to vulnerable organizations that are crucial to their communities. Eligible entities include nonprofits and local governments that deliver essential services. Cloudflare aims to enhance the security of these organizations amidst rising cyber threats, expanding on its previous efforts in the US.

Cloudflare (NYSE: NET) announces the availability of its Zero Trust security tools at no cost to at-risk public interest groups, including those in Project Galileo and the Athenian Project. This initiative aims to democratize access to advanced security solutions traditionally reserved for large enterprises. Over 10,000 customers currently utilize these tools, which protect against phishing and secure connections for vulnerable organizations. CEO Matthew Prince emphasizes the importance of these measures in safeguarding the digital presence of high-risk groups, journalists, and election sites against cyber threats.

Cloudflare has expanded its Workers Launchpad Funding Program to $2 billion, adding 14 new venture capital partners and onboarding 25 startups from 10 countries. Initially launched in September 2022 to fund applications built on Cloudflare Workers, the program has exceeded its initial $250 million goal, reflecting strong industry trust in its global network. The new cohort includes innovative firms like Apyfy and Grafbase, which focus on data privacy and backend development. This program aims to support the growing number of developers using Cloudflare.

Cloudflare reported Q3 revenue of $253.9 million, a 47% year-over-year increase, surpassing $1 billion in annualized revenue for the first time. The company added 159 large customers, totaling 1,908 large clients. While GAAP net loss was $42.5 million, a notable improvement from $107.3 million in the previous year, non-GAAP net income rose to $19.1 million. The firm aims to achieve $5 billion in annualized revenue in five years, highlighting strong market potential with less than 1% market penetration.

Cloudflare, Inc. (NYSE: NET) announced it will report its financial results for the third quarter ending September 30, 2022, after market close on November 3, 2022. An investor conference call will take place at 2:00 p.m. PT (5:00 p.m. ET) on the same day to discuss the results. Interested parties can join the call by dialing (877) 400-4517 or (332) 251-2620 internationally. A live webcast will also be available on the Cloudflare investor relations website, with a replay accessible for about 30 days afterward.

Cloudflare (NYSE: NET) announced a collaboration with Yubico to enhance cybersecurity for its customers through exclusive access to Yubico's security keys. The offering aims to provide affordable, phishing-resistant multi-factor authentication (MFA) solutions, with prices starting as low as $10. Organizations can also benefit from a 50% discount on the first year of a multi-year subscription for larger clients. This initiative aligns with Cloudflare's Zero Trust security model, which requires verification from all users attempting to access its network.

Cloudflare (NYSE: NET) has launched Turnstile, an innovative API that replaces CAPTCHAs and enhances online user experience. This new solution is designed to save approximately 500 years of time daily by validating human presence without the tedious challenges of traditional CAPTCHAs. Turnstile leverages browser signals and Private Access Tokens to ensure privacy while maintaining high solve rates. Notably, Cloudflare has reduced its CAPTCHA usage by 91% and decreased user interaction times from an average of 32 seconds to just 1 second.

Cloudflare has been recognized as a Leader in The Forrester Wave™: Web Application Firewalls, Q3 2022 report. The company's WAF solutions received the highest score in 10 criteria, including Innovation and Community. The report commended Cloudflare for its custom rule flexibility and excellent user interface, highlighting its capability to effectively secure APIs and web applications. Cloudflare's extensive global network processes over 36 million HTTP requests per second, enhancing its ability to protect against sophisticated cyber threats.