Cloudflare Q3 2023 Earnings Report
Key Takeaways
Cloudflare reported a strong third quarter in 2023, with revenue reaching $335.6 million, a 32% increase year-over-year. The company achieved its fifth consecutive quarter of record operating profitability and made significant strides in AI innovation.
Revenue totaled $335.6 million, up 32% year-over-year.
GAAP loss from operations was $39.2 million, or 12% of revenue; non-GAAP income from operations was $42.5 million, or 13% of revenue.
Operating cash flow reached $68.1 million, or 20% of revenue.
Free cash flow was $34.9 million, or 10% of revenue.
Cloudflare
Cloudflare
Forward Guidance
For the fourth quarter of fiscal 2023, Cloudflare expects total revenue of $352.0 to $353.0 million and non-GAAP net income per share of $0.12. For the full year fiscal 2023, the company expects total revenue of $1,286.0 to $1,287.0 million and non-GAAP net income per share of $0.45 to $0.46.
Positive Outlook
- Total revenue of $352.0 to $353.0 million is expected for Q4 2023.
- Non-GAAP income from operations of $28.0 to $29.0 million is projected for Q4 2023.
- Non-GAAP net income per share of $0.12 is anticipated for Q4 2023.
- Total revenue of $1,286.0 to $1,287.0 million is expected for the full year 2023.
- Non-GAAP net income per share of $0.45 to $0.46 is projected for the full year 2023.