Cloudflare Q2 Earnings Highlights: Revenue Beat, EPS Beat, Guidance Shines

Cloud connectivity company Cloudflare Inc (NYSE:NET) reported second-quarter revenue of $401.0 million, up 30% year-over-year. The revenue beat a Street consensus estimate of $394.69 million, according to data from Benzinga Pro.

The company reported earnings per share of 20 cents, which beat a Street consensus estimate of 14 cents per share.

"We had a strong second quarter, crossing $1.6 billion in annualized revenue and growing 30% year-over-year. The world is still complicated, but our team remained focused on execution and delivered terrific results, including a double-digit year-over-year improvement in sales productivity," Cloudflare CEO Matthew Prince said.

Read Also: Analyst Ratings For Cloudflare

What's Next: Cloudflare is guiding for third-quarter revenue to be in a range of $423.0 million to $424.0 million.

Analysts expect third-quarter revenue of $423.6 million, according to data from Benzinga Pro.

Guidance for third-quarter earnings per share is 18 cents per share compared to a Street consensus estimate of 15 cents per share.

For the full fiscal year, Cloudflare expects revenue in a range of $1.657 billion to $1.659 billion. Analysts expect revenue of $1.65 billion, according to Benzinga Pro.

Full year earnings per share are expected in a range of 70 cents to 71 cents, versus a current Street estimate of 63 cents.

NET Price Action: Cloudflare shares are up 8% to $80.70 in after-hours trading Thursday, versus a 52-week trading range of $53.88 to $116.00.

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