Cloudflare Inc Stock Price, News & Analysis

Cloudflare (NYSE: NET) has been named to Fortune's Future 50 list for the second consecutive year, ranking #14 among global companies for 2024. The company demonstrated significant achievements in 2023, blocking an average of 165 billion cyber threats per day during Q3, including the world's largest DDoS attack. Currently, about 20% of web traffic runs through Cloudflare's network, serving millions of customers including 221,000+ paying customers and 35% of Fortune 500 companies.

The company's market expansion has led to projected growth in total addressable market from $176 billion in 2024 to $222 billion by 2027. The Fortune Future 50 recognition, determined by Fortune and Boston Consulting Group's analysis of nearly 3,000 companies, evaluates long-term growth prospects based on Strategy, Technology, Talent, and Culture.

Cloudflare (NYSE: NET) announced significant growth in Mexico following a year of expansion. The company added a new data center in Guadalajara, processed an average of 50 billion daily Internet requests, and blocked 99 million cyber threats per day in Q3 2024, marking a 35% increase from the previous quarter. The company's Mexico-based team grew by over 200% to more than 50 employees since opening its Mexico City office. Cloudflare's network now spans more than 330 cities globally, including 45 cities across Latin America and the Caribbean, serving approximately 20% of web traffic worldwide. Key Mexican customers include Caliente.mx and Bitso, with the company partnering with system integrators like NTT DATA to expand its regional presence.

Cloudflare (NYSE: NET) has been recognized as a Leader in the 2024 IDC MarketScape Worldwide Edge Delivery Services Vendor Assessment. The evaluation, which included eight vendors, highlighted Cloudflare's strengths in edge security capabilities, enterprise SASE/SSE services, and developer platform features. The IDC MarketScape praised Cloudflare's competitive position and innovation drive, particularly noting its focus on AI/ML integration across product lines and its customizable developer solutions. The company's self-serve portal with detailed analytics and enterprise-grade services was also highlighted as a key strength.

Cloudflare (NYSE: NET) reported strong Q3 2024 financial results with revenue reaching $430.1 million, up 28% year-over-year. The company posted a GAAP loss from operations of $30.8 million but achieved non-GAAP income from operations of $63.5 million. Operating cash flow was $104.7 million with free cash flow of $45.3 million.

Notable achievements include adding a record 219 large customers, with 35% of Fortune 500 companies now being paying customers. The company provided Q4 2024 guidance with expected revenue of $451.0-452.0 million and full-year 2024 revenue guidance of $1,661.0-1,662.0 million.

Cloudflare (NYSE: NET) has expanded its EMEA operations by opening a new headquarters and technical hub in Lisbon, Portugal. This move supports the company's growing presence in the region, complementing existing offices in London, Paris, Munich, and Dubai. Cloudflare's network now spans 58 cities in Europe, including Lisbon, which was first announced in 2016.

Since establishing its first Lisbon office in 2019, Cloudflare has grown from 14 to over 350 employees in Portugal. The company plans to significantly increase its presence in Lisbon in the coming years. The official opening was celebrated with a ribbon-cutting ceremony attended by Portugal's Minister of Economy and top Cloudflare executives.

Cloudflare's expansion in Portugal aligns with the country's investments in strategic infrastructure, energy, innovation, and R&D. The company cites Portugal's well-connected international hub, vibrant tech ecosystem, and impressive talent pool as key factors for its continued investment in the region.

Cloudflare (NYSE: NET), the leading connectivity cloud company, has announced it will report its financial results for the third quarter ended September 30, 2024 after the U.S. market closes on Thursday, November 7, 2024. The company will host an investor conference call at 2:00 p.m. Pacific time (5:00 p.m. Eastern time) on the same day to discuss the results.

Interested parties can join the call by dialing (877) 400-4517 from the United States or (332) 251-2620 internationally, using conference ID 3723782. A live webcast of the conference call will be available on the Cloudflare investor relations website at cloudflare.NET. A replay of the call will be accessible approximately two hours after its conclusion and will remain available for about 30 days.

Cloudflare (NYSE: NET) has acquired Kivera, a cloud security, data protection, and compliance platform. This acquisition aims to enhance Cloudflare One by adding preventive controls directly into the cloud deployment process. The integration will help organizations:

1. Safeguard cloud environments across major providers
2. Enable one-click preventive security
3. Keep sensitive data within the organization
4. Reduce 'shadow' cloud infrastructure
5. Streamline cloud security compliance

This move addresses the growing concern of cloud security risks, as Gartner estimates that 99% of records compromised in cloud environments through 2027 will be due to user misconfigurations and account compromise. The acquisition follows Cloudflare's purchase of BastionZero in May 2024, further expanding its Zero Trust infrastructure access capabilities.

Cloudflare has announced significant enhancements to its Workers AI platform, designed to help developers build faster and more powerful AI applications. Key improvements include:

• Upgraded GPUs in over 180 cities worldwide for faster inference and support for larger models like Llama 3.1 70B
• New persistent logs in AI Gateway for better monitoring and optimization
• Enhanced Vectorize database, now supporting up to 5 million vectors per index with reduced query latency

These upgrades aim to minimize network latency and improve AI application performance globally. Cloudflare's CEO, Matthew Prince, emphasized the importance of network speeds and regional availability as AI becomes more integrated into daily life.

Cloudflare (NYSE: NET) has introduced Speed Brain, a new product that can make webpages load up to 45% faster for free. Speed Brain predicts the next page a user will visit and preloads it into the browser cache, aiming to eliminate load times completely. This innovation works with popular web browsers and is enabled by default for millions of domains on Cloudflare's Free plan.

Speed Brain utilizes the Chrome Speculation-Rules API and Cloudflare's global network to speculate on user behavior. Future enhancements will include more aggressive predictions using machine learning and artificial intelligence. The feature is available immediately for all Cloudflare plans, with Pro, Business, and Enterprise plans able to enable it manually.