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Sep 30, 2024
Cloudflare Q3 2024 Earnings Report
Cloudflare's Q3 2024 revenue increased by 28% year-over-year, reaching $430.1 million. The company reported a GAAP loss from operations of $30.8 million, but a non-GAAP income from operations of $63.5 million. They added a record 219 large customers.
Key Takeaways
Cloudflare's Q3 2024 showed strong revenue growth, exceeding expectations for revenue, operating margin, and free cash flow. They reached a key inflection point in the transformation of their go-to-market organization and added a record 219 large customers. 35% of the Fortune 500 are now paying Cloudflare customers.
Revenue totaled $430.1 million, up 28% year-over-year.
GAAP loss from operations was $30.8 million, while non-GAAP income from operations reached $63.5 million.
Operating cash flow was $104.7 million, and free cash flow was $45.3 million.
Added a record 219 large customers, with 35% of the Fortune 500 now being paying customers.
Forward Guidance
For the fourth quarter of fiscal 2024, Cloudflare expects total revenue of $451.0 to $452.0 million, non-GAAP income from operations of $57.0 to $58.0 million, and non-GAAP net income per share of $0.18, utilizing weighted average common shares outstanding of approximately 360 million. For the full year fiscal 2024, they expect total revenue of $1,661.0 to $1,662.0 million, non-GAAP income from operations of $220.0 to $221.0 million, and non-GAAP net income per share of $0.74, utilizing weighted average common shares outstanding of approximately 357 million.
Positive Outlook
- Total revenue of $451.0 to $452.0 million is expected for Q4 2024.
- Non-GAAP income from operations of $57.0 to $58.0 million is expected for Q4 2024.
- Non-GAAP net income per share of $0.18 is expected for Q4 2024.
- Total revenue of $1,661.0 to $1,662.0 million is expected for the full year fiscal 2024.
- Non-GAAP income from operations of $220.0 to $221.0 million is expected for the full year fiscal 2024.
Challenges Ahead
- Non-GAAP net income per share of $0.74 is expected for the full year fiscal 2024.
- Actual results may differ materially due to various factors.
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