Cybersecurity
Cloudflare Q3 Earnings Preview: All eyes on the guide
Cloudflare will release its Q3 results on November 07th. Analysts expect revenue to grow 26.4% YoY to $424.12 million and adjusted EPS to grow 14.2% YoY to $0.18. During Q2 results, management increased the FY revenue guide to $1.658 billion at the mid-point from $1.65 billion, representing YoY growth of 27.9%. The FY2024 adjusted operating margin guide was raised to 11.9% from 9.8%, up from 9.4% in 2023. There was a survey published by Wells Fargo that stated Cloudflare is taking more market share from cybersecurity vendors. The downside is the report also stated Q3 was the weakest environment they’ve seen in three years. We need an earnings report to confirm the results of the survey, yet it’s encouraging to see NET is stronger than its peers in a spending environment that is largely outside of the company’s control.
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