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Jun 30, 2023
Cloudflare Q2 2023 Earnings Report
Cloudflare's Q2 2023 revenue increased by 32% year-over-year, reaching $308.5 million. The company achieved a record quarter for new ACV bookings and delivered its fourth consecutive quarter of record operating profit.
Key Takeaways
Cloudflare's second quarter 2023 results showed strong revenue growth of 32% year-over-year, reaching $308.5 million. The company also reported GAAP loss from operations of $56.2 million, or 18% of revenue, and non-GAAP income from operations of $20.3 million, or 7% of revenue. Additionally, Cloudflare achieved operating cash flow of $64.5 million and free cash flow of $20.0 million.
Revenue totaled $308.5 million, up 32% year-over-year.
GAAP loss from operations was $56.2 million, or 18% of revenue.
Non-GAAP income from operations was $20.3 million, or 7% of revenue.
Operating cash flow reached $64.5 million, or 21% of revenue, while free cash flow was $20.0 million, or 6% of revenue.
Forward Guidance
For the third quarter of fiscal 2023, Cloudflare expects total revenue of $330.0 to $331.0 million, non-GAAP income from operations of $20.0 to $21.0 million, and non-GAAP net income per share of $0.10, utilizing weighted average common shares outstanding of approximately 347 million. For the full year fiscal 2023, the company expects total revenue of $1,283.0 to $1,287.0 million, non-GAAP income from operations of $81.0 to $85.0 million, and non-GAAP net income per share of $0.37, utilizing weighted average common shares outstanding of approximately 345 million.
Positive Outlook
- Total revenue of $330.0 to $331.0 million is expected for Q3 2023.
- Non-GAAP income from operations of $20.0 to $21.0 million is anticipated for Q3 2023.
- Non-GAAP net income per share of $0.10 is projected for Q3 2023.
- Total revenue of $1,283.0 to $1,287.0 million is expected for the full year fiscal 2023.
- Non-GAAP income from operations of $81.0 to $85.0 million is anticipated for the full year fiscal 2023.
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