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Dec 31, 2023
Cloudflare Q4 2023 Earnings Report
Cloudflare's financial performance for Q4 2023 showed revenue growth and improved profitability.
Key Takeaways
Cloudflare announced strong Q4 2023 results with a 32% increase in revenue year-over-year, reaching $362.5 million. The company also achieved record operating and free cash flow during the quarter, driven by robust momentum with large customers, progress in the public sector, and growth in Cloudflare One.
Revenue totaled $362.5 million, a 32% increase year-over-year.
GAAP loss from operations was $42.8 million, while non-GAAP income from operations was $39.8 million.
Operating cash flow reached $85.4 million, representing 24% of total revenue.
Free cash flow was $50.7 million, or 14% of total revenue.
Cloudflare
Cloudflare
Forward Guidance
Cloudflare provided guidance for Q1 2024 and full year 2024, including revenue, non-GAAP income from operations, and non-GAAP net income per share estimates.
Positive Outlook
- Q1 2024 total revenue is expected to be $372.5 to $373.5 million.
- Q1 2024 non-GAAP income from operations is expected to be $34.0 to $35.0 million.
- Q1 2024 non-GAAP net income per share is expected to be $0.13.
- Full year 2024 total revenue is expected to be $1,648.0 to $1,652.0 million.
- Full year 2024 non-GAAP income from operations is expected to be $154.0 to $158.0 million.
Challenges Ahead
- Full year 2024 non-GAAP net income per share is expected to be $0.58 to $0.59.
- The forward-looking statements are subject to risks and uncertainties.
- Actual results may differ materially from the forward-looking statements.
- Adverse macroeconomic conditions could impact future financial performance.
- Geopolitical tensions could impact future financial performance.