Cloudflare (NYSE: NET) has experienced a remarkable 40% surge in its stock value over the past three months, driven by the increasing demand for artificial intelligence (AI) stocks among investors. The company’s latest quarterly results indicate that this upward trend is likely to continue.
Following the release of its fourth-quarter and full-year 2023 results on Feb. 8, Cloudflare’s stock soared by 20%. The positive reception from investors was fueled by the company’s impressive financial performance and promising outlook for future growth.
Cloudflare’s latest results demonstrate the positive impact of AI on its growth trajectory. Let’s delve deeper into the details.
Cloudflare’s Revenue Growth
In the fourth quarter, Cloudflare’s revenue surged by 32% year over year, reaching $362 million, surpassing the consensus estimate of $353 million. The company’s full-year revenue also experienced a 32% increase, totaling $1.3 billion.
Additionally, Cloudflare’s adjusted earnings witnessed a significant rise, climbing from $0.06 per share in the previous year…
2024-02-18 14:00:00
Article from finance.yahoo.com