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Sep 30, 2021
Cloudflare Q3 2021 Earnings Report
Cloudflare's revenue increased by 51% year-over-year, with strong large customer growth and the achievement of profitability.
Key Takeaways
Cloudflare reported a landmark third quarter with revenue growth of 51% year-over-year. The company added roughly 170 large customers, bringing the total to 1,260. Cloudflare achieved profitability, reaching this milestone a year ahead of schedule.
Total revenue reached $172.3 million, a 51% increase year-over-year.
The company added a record of approximately 170 large customers, bringing the total to 1,260.
GAAP net loss was $107.3 million, while non-GAAP net income was $1.4 million.
Cloudflare achieved profitability, reaching the milestone a year ahead of the original timeline.
Cloudflare
Cloudflare
Forward Guidance
For the fourth quarter of fiscal 2021, Cloudflare expects total revenue of $184.0 to $185.0 million, non-GAAP income (loss) from operations of $(1.0) to $0.0 million, and non-GAAP net income (loss) per share of $(0.01) to $0.00. For the full year fiscal 2021, the company expects total revenue of $647.0 to $648.0 million, non-GAAP loss from operations of $10.5 to $9.5 million, and non-GAAP net loss per share of $0.06 to $0.05.
Positive Outlook
- Total revenue of $184.0 to $185.0 million is expected for Q4 2021.
- Non-GAAP income (loss) from operations of $(1.0) to $0.0 million is anticipated for Q4 2021.
- Non-GAAP net income (loss) per share of $(0.01) to $0.00 is expected for Q4 2021.
- Total revenue of $647.0 to $648.0 million is projected for the full year fiscal 2021.
- Non-GAAP loss from operations of $10.5 to $9.5 million is expected for the full year fiscal 2021.
Challenges Ahead
- Non-GAAP income (loss) from operations is expected to be between $(1.0) to $0.0 million for Q4 2021.
- Non-GAAP net income (loss) per share is projected to be between $(0.01) to $0.00 for Q4 2021.
- Non-GAAP loss from operations is anticipated to be between $10.5 to $9.5 million for the full year fiscal 2021.
- The forward-looking statements are subject to uncertainty due to the ongoing COVID-19 pandemic.
- The financial outlook is dependent on numerous factors that Cloudflare may not be able to predict or control.