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Jun 30, 2021
Cloudflare Q2 2021 Earnings Report
Cloudflare had its strongest quarter ever as a public company, with revenue growth accelerating and a record number of large customers added.
Key Takeaways
Cloudflare's second quarter revenue totaled $152.4 million, representing an increase of 53% year-over-year. The company also added a record number of large customers, signing the equivalent of more than two six-figure customers every single business day in Q2.
Total revenue reached $152.4 million, a 53% increase year-over-year.
Dollar-based net retention rate hit a record 124%, up 900 basis points year-over-year.
The company added a record of roughly 140 large customers, bringing the total to 1,088.
GAAP gross profit was $117.4 million, with a 77.0% gross margin.
Forward Guidance
For the third quarter of fiscal 2021, Cloudflare expects total revenue of $165.0 to $166.0 million and non-GAAP net loss per share of $0.04 to $0.03. For the full year fiscal 2021, the company expects total revenue of $629 to $633 million and non-GAAP net loss per share of $0.12 to $0.11.
Positive Outlook
- Total revenue of $165.0 to $166.0 million is expected for Q3 2021.
- Non-GAAP loss from operations of $9.5 to $8.5 million is expected for Q3 2021.
- Non-GAAP net loss per share of $0.04 to $0.03 is expected for Q3 2021.
- Total revenue of $629 to $633 million is expected for the full year fiscal 2021.
- Non-GAAP net loss per share of $0.12 to $0.11 is expected for the full year fiscal 2021.
Challenges Ahead
- The forward-looking statements are subject to substantial uncertainty due to the ongoing COVID-19 pandemic.
- The estimates are based on the impact of the pandemic on operations as of August 5, 2021.
- The estimates are highly dependent on numerous factors that may not be predictable or controllable.
Historical Earnings Impact
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