Cloudflare stock plunges more than 20% after revising guidance down
Publishing timestamp: 2023-04-27 17:12:49
Summary
Cloudflare's first-quarter results missed on revenue and the company revised its full-year revenue guidance down, causing shares to drop as much as 25% in after-hours trading. The company beat consensus estimates on the bottom line but investors reacted to commentary from the CFO about increasing macroeconomic uncertainty and lengthening sales cycles. Cloudflare's guidance for the second quarter of 2023 was also below consensus estimates.
Sentiment: NEGATIVE
Tickers: NET,
Keywords: enterprise, breaking news, cloudflare inc, technology, earnings, business news,
Source: https://www.cnbc.com/2023/04/27/cloudflare-net-q1-earnings-report.html