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Cloudflare Inc (NYSE: NET) reported second-quarter revenue of growth of 54% year-over-year to $234.5 million, beating the consensus of $227.33 million.
Adjusted EPS was $0.00, compared to $(0.02) in 2Q21.
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The gross profit was $178.7 million (+52.2% Y/Y), and the margin was 76.2%, down by 80 bps. The adjusted gross margin was 78.9%, up 90 bps.
Adjusted loss from operations was $(0.9) million, and the margin was (0.4%), compared to $4 million and a margin of 2.6% in 2Q21.
Cloudflare's Net cash flow from operating activities year-to-date was $2.78 million, compared to $30.95 million a year ago. Free cash outflow was $68.82 million. NET's cash and equivalents and available-for-sale securities were $1.64 billion as of June 30, 2022.
"Large customers now represent 60% of our revenue, and they are leaning forward to hear how Cloudflare can save them money and reduce IT complexity, all while increasing their security, performance, and reliability," stated Matthew Prince, co-founder & CEO.
3Q22 Outlook: Cloudflare expects revenue of $250 million to $251 million vs. a consensus of 246.91 million, Non-GAAP income from operations of $0.0 to $1.0 million
It expects an adjusted EPS of $0.00 to $0.01 vs. a consensus of $0.01.
FY22 Outlook: The company forecasts revenue of $968 million to $972 million vs. a consensus of 958.36 million, and Non-GAAP income from operations of $7.0 to $11.0 million. It sees an adjusted EPS of $0.03 to $0.04 vs. a consensus of $0.03.
Price Action: NET shares are trading higher by 20.25% at $70.26 during the post-market session on Thursday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.