Cloudflare Inc (NYSE:NET) shares are trading lower by 25.27% to $44.48 Friday morning after the company issued weak revenue guidance and said it expects external headwinds to persist through the end of the fiscal year.
The company also received a number of analyst rating updates following the earnings print.
What Happened?
Cloudflare reported quarterly earnings of 8 cents per share which beat the analyst consensus estimate of 3 cents.
The company also reported quarterly sales of $290.20 million which missed the analyst consensus estimate of $290.72 million by roughly 0.2% This sales figure is however a 36.8% increase over sales of $212.17 million in the same period last year.
The company said increasing macroeconomic uncertainty over the first quarter resulted in a material lengthening of sales cycles and a significant backend-weighting of linearity…Read More
According to data from Benzinga Pro, NET has a 52-week high of $97.82 and a 52-week low of $37.37.
