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Sep 30, 2022
Cloudflare Q3 2022 Earnings Report
Cloudflare's revenue increased by 47% year-over-year, surpassing $1 billion in annualized revenue. The company added 159 large customers, bringing the total to 1,908. GAAP loss from operations was $45.9 million, while non-GAAP income from operations was $14.8 million.
Key Takeaways
Cloudflare's Q3 2022 results showed strong revenue growth, reaching $253.9 million, a 47% increase year-over-year. The company surpassed $1 billion in annualized revenue and saw significant growth in large customers. While GAAP operating loss was $45.9 million, non-GAAP operating income reached $14.8 million.
Total revenue reached $253.9 million, a 47% increase year-over-year.
The company surpassed $1 billion in annualized revenue.
Added 159 large customers, bringing the total to 1,908.
GAAP loss from operations was $45.9 million, while non-GAAP income from operations was $14.8 million.
Forward Guidance
For the fourth quarter of fiscal 2022, Cloudflare expects total revenue of $273.5 to $274.5 million, non-GAAP income from operations of $12.0 to $13.0 million, and non-GAAP net income per share of $0.04 to $0.05, utilizing weighted average common shares outstanding of approximately 343 million. For the full year fiscal 2022, they expect total revenue of $974.0 to $975.0 million, non-GAAP income from operations of $31.0 to $32.0 million, and non-GAAP net income per share of $0.11 to $0.12, utilizing weighted average common shares outstanding of approximately 342 million.
Positive Outlook
- Total revenue of $273.5 to $274.5 million
- Non-GAAP income from operations of $12.0 to $13.0 million
- Non-GAAP net income per share of $0.04 to $0.05
- Total revenue of $974.0 to $975.0 million
- Non-GAAP income from operations of $31.0 to $32.0 million
Challenges Ahead
- Challenging general economic conditions
- Inflation
- Rising interest rates
Historical Earnings Impact
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Avg. Return Before/After Earnings
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