Cloudflare Q3 24: Soft Q4 Guide as Company Transitions on Billing Terms

Cloudflare beat on the top and bottom lines in Q3, although net retention rate softened again. The company missed on revenue expectations for Q4 with management guiding for a midpoint of $451.5 million, for growth of 24.6% compared to analyst expectations of $455.08 for growth of 25.8%. Management spoke at length about being at an inflection point for a sales organization shift, yet this felt like a speculative discussion as evidence of an inflection was not visible in the Q4 guide. Key metrics were mixed and revenue growth is getting further away from the coveted 30% mark with a 4-point deceleration in Q4. Yet RPO and customer growth remains persistently strong

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