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Mar 31, 2022
Cloudflare Q1 2022 Earnings Report
Cloudflare's Q1 2022 financial performance was announced, demonstrating substantial revenue growth and customer acquisition.
Key Takeaways
Cloudflare reported a strong first quarter in 2022, with revenue reaching $212.2 million, a 54% increase year-over-year. The company added a record 14,000 new paying customers, and dollar-based net retention hit a record 127%.
Total revenue reached $212.2 million, up 54% year-over-year.
Dollar-based net retention rate was a record 127%, increasing 400 basis points year-over-year.
The company added approximately 14,000 paying customers, bringing the total to 154,109.
Non-GAAP income from operations was $4.9 million, compared to a loss of $7.5 million in Q1 2021.
Cloudflare
Cloudflare
Forward Guidance
For Q2 2022, Cloudflare expects revenue between $226.5 and $227.5 million, and for the full year 2022, revenue is expected to be between $955.0 and $959.0 million.
Positive Outlook
- Total revenue of $226.5 to $227.5 million is expected for the second quarter of fiscal 2022.
- For the full year fiscal 2022, total revenue of $955.0 to $959.0 million is expected.
- Second quarter non-GAAP loss from operations is projected to be between $2.0 to $1.0 million.
- Full year fiscal 2022 non-GAAP income from operations is expected to be $10.0 to $14.0 million.
- Non-GAAP net income (loss) per share for Q2 is expected to be between $(0.01) to $0.00.
Challenges Ahead
- The financial outlook is subject to uncertainty due to the ongoing COVID-19 pandemic.
- The outlook is highly dependent on factors that are difficult to predict or control.
- Second quarter non-GAAP loss from operations is projected to be between $2.0 to $1.0 million.
- Non-GAAP net income (loss) per share for Q2 is expected to be between $(0.01) to $0.00.
- The pandemic's impact on global and regional economies could affect customer demand and spending.