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Mar 31, 2024
Cloudflare Q1 2024 Earnings Report
Cloudflare's revenue grew by 30% year-over-year, reaching $378.6 million, and non-GAAP income from operations was $42.4 million.
Key Takeaways
Cloudflare reported a strong start to 2024 with a 30% increase in revenue, reaching $378.6 million. The company saw improvements in sales productivity and free cash flow, alongside continued innovation and expansion of its network and product offerings.
Revenue totaled $378.6 million, a 30% increase year-over-year.
GAAP loss from operations was $54.6 million, while non-GAAP income from operations reached $42.4 million.
Operating cash flow was $73.6 million, and free cash flow was $35.6 million.
The company achieved a double-digit year-over-year improvement in sales productivity.
Forward Guidance
For the second quarter of fiscal 2024, Cloudflare expects total revenue of $393.5 to $394.5 million, non-GAAP income from operations of $35.0 to $36.0 million, and non-GAAP net income per share of $0.14. For the full year fiscal 2024, the company expects total revenue of $1,648.0 to $1,652.0 million, non-GAAP income from operations of $160.0 to $164.0 million, and non-GAAP net income per share of $0.60 to $0.61.
Positive Outlook
- Total revenue of $393.5 to $394.5 million is expected for Q2 2024.
- Non-GAAP income from operations is projected to be $35.0 to $36.0 million for Q2 2024.
- Non-GAAP net income per share is expected to be $0.14 for Q2 2024.
- Total revenue of $1,648.0 to $1,652.0 million is anticipated for the full year fiscal 2024.
- Non-GAAP income from operations of $160.0 to $164.0 million is expected for the full year fiscal 2024.
Historical Earnings Impact
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