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Sep 30, 2020
Cloudflare Q3 2020 Earnings Report
Cloudflare's revenue increased by 54% year-over-year, reaching $114.2 million. GAAP net loss per share improved to $0.09, and non-GAAP net loss per share improved to $0.02. The company added a record of roughly 100 net large enterprise customers and secured its first $10 million ARR customer.
Key Takeaways
Cloudflare announced strong third-quarter results, exceeding $100 million in revenue and adding a record number of large enterprise customers. The company also released over a dozen new products and features.
Revenue totaled $114.2 million, an increase of 54% year-over-year.
GAAP net loss per share improved to $0.09, and non-GAAP net loss per share improved to $0.02.
Added roughly 100 net new large enterprise customers.
Secured first $10 million ARR customer.
Cloudflare
Cloudflare
Forward Guidance
Cloudflare provided revenue and earnings guidance for the fourth quarter and full year of fiscal 2020, which is subject to substantial uncertainty as a result of the COVID-19 pandemic.
Positive Outlook
- Total revenue of $117.5 to $118.5 million for Q4 2020
- Non-GAAP loss from operations of $10 to $9 million for Q4 2020
- Non-GAAP net loss per share of $0.04 to $0.03 for Q4 2020
- Total revenue of $422.5 to $423.5 million for full year fiscal 2020
- Non-GAAP loss from operations of $38 to $37 million for full year fiscal 2020
Challenges Ahead
- Non-GAAP net loss per share of $0.13 to $0.12 for full year fiscal 2020
- Guidance is subject to substantial uncertainty due to the COVID-19 pandemic.
- Guidance reflects estimates as of November 5, 2020, regarding the impact of the pandemic on operations.
- Guidance is highly dependent on numerous factors that may not be predictable or controllable.
- Factors include the duration, spread, and severity of the pandemic.