Cloudflare Named a Fortune Future 50 Company, Ranked #14 on 2024 List

Rhea-AI Summary

Cloudflare (NYSE: NET) has been named to Fortune's Future 50 list for the second consecutive year, ranking #14 among global companies for 2024. The company demonstrated significant achievements in 2023, blocking an average of 165 billion cyber threats per day during Q3, including the world's largest DDoS attack. Currently, about 20% of web traffic runs through Cloudflare's network, serving millions of customers including 221,000+ paying customers and 35% of Fortune 500 companies.

The company's market expansion has led to projected growth in total addressable market from $176 billion in 2024 to $222 billion by 2027. The Fortune Future 50 recognition, determined by Fortune and Boston Consulting Group's analysis of nearly 3,000 companies, evaluates long-term growth prospects based on Strategy, Technology, Talent, and Culture.

Positive

• Serves 20% of web traffic through its network
• Has over 221,000 paying customers, including 35% of Fortune 500 companies
• Total addressable market expected to grow from $176B to $222B by 2027
• Successfully blocked world's largest DDoS attack

Negative

• None.

Fortune identifies Cloudflare for the second consecutive year among the companies positioned for long-term revenue growth and business potential

SAN FRANCISCO--(BUSINESS WIRE)-- Cloudflare, Inc. (NYSE: NET), the leading connectivity cloud company on a mission to help build a better Internet, today announced that it has been named a Fortune Future 50 company for the second consecutive year, ranked number fourteen of the top fifty global companies in 2024. This recognition comes at the end of a groundbreaking year for the company in which it blocked on average 165 billion cyber threats per day during the third quarter, including the largest DDoS attack in the world, launched new tools to help websites of any size control how their content is used by AI bots, and helped to secure presidential campaigns and local governments during the US elections.

"From global elections to the explosion of AI, 2024 has been a year of rapid change in which we have all relied on the Internet more than ever before. I am proud of how our team continues to rise to the occasion to help our customers solve some of the hardest problems they face when modernizing, transforming, and securing their businesses,” said Matthew Prince, Co-founder and CEO at Cloudflare. “The recognition on the Fortune Future 50 for another year only further underscores how we’re continuing to deliver more value to organizations with the power of our connectivity cloud.”

Today about 20% of the web runs through Cloudflare’s network, in addition to Internet properties like mobile apps, APIs, AI workflows, and corporate networks. Cloudflare has millions of customers, of which more than 221,000 are paying customers including 35 percent of the Fortune 500 companies. Cloudflare’s rapid product expansion has enabled the company to penetrate adjacent markets, fueling its total addressable market growth from $176 billion in 2024 to $222 billion by 2027.

Fortune and Boston Consulting Group examined nearly 3,000 companies globally, ranking the top 50 based on an assessment of their long-term growth prospects. The Fortune Future 50 index complements traditional performance metrics with an assessment of the long-term growth prospects of the world’s publicly traded companies with more than $5 billion in market value and privately held firms with at least $1 billion in funding. The ranked companies were selected for their ability to predict long-term sales growth and evaluated on business dimensions across Strategy, Technology, Talent, and Culture.

Alongside its consecutive Fortune Future 50 accolades in 2024 and 2023, Cloudflare has received a number of other industry and editorial recognitions for its business, culture, leadership, and innovation in the last year, including:

• Fortune Change the World 2024
• CNBC Changemakers 2024
• Fast Company Most Innovative Companies 2024
• Deloitte Technology Fast 500 2024
• Newsweek Top 100 Most Loved Workplaces 2024
• Reuters Events Sustainable Business Awards Finalist 2024
• Inc. Magazine Female Founders 2024
• CRN The Security 100: The 20 Coolest Web, Email and Application Security Companies 2024
• CRN The Cloud 100: The 20 Coolest Cloud Software Companies 2024
• Fortune Future 50 2023
• The Webby Awards Top 5 Nominee Apps, Apps and Software - Technical Achievement 2023

To learn more about Cloudflare, please check out the resources below:

• The Cloudflare Global Network
• Cloudflare Investor Overview
• Cloudflare Careers

About Cloudflare

Cloudflare, Inc. (NYSE: NET) is the leading connectivity cloud company on a mission to help build a better Internet. It empowers organizations to make their employees, applications and networks faster and more secure everywhere, while reducing complexity and cost. Cloudflare’s connectivity cloud delivers the most full-featured, unified platform of cloud-native products and developer tools, so any organization can gain the control they need to work, develop, and accelerate their business.

Powered by one of the world’s largest and most interconnected networks, Cloudflare blocks billions of threats online for its customers every day. It is trusted by millions of organizations – from the largest brands to entrepreneurs and small businesses to nonprofits, humanitarian groups, and governments across the globe.

Learn more about Cloudflare’s connectivity cloud at cloudflare.com/connectivity-cloud. Learn more about the latest Internet trends and insights at https://radar.cloudflare.com.

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Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “explore,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” or the negative of these words, or other similar terms or expressions that concern Cloudflare’s expectations, strategy, plans, or intentions. However, not all forward-looking statements contain these identifying words. Forward-looking statements expressed or implied in this press release include, but are not limited to, statements regarding Cloudflare’s prospects for future growth, the market opportunity for Cloudflare’s products and technology, Cloudflare’s technological development, future operations, growth, initiatives, or strategies, and comments made by Cloudflare’s CEO and others. Actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in Cloudflare’s filings with the Securities and Exchange Commission (SEC), including Cloudflare’s Quarterly Report on Form 10-Q filed on November 7, 2024, as well as other filings that Cloudflare may make from time to time with the SEC.

The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. Cloudflare undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. Cloudflare may not actually achieve the plans, intentions, or expectations disclosed in Cloudflare’s forward-looking statements, and you should not place undue reliance on Cloudflare’s forward-looking statements.

© 2024 Cloudflare, Inc. All rights reserved. Cloudflare, the Cloudflare logo, and other Cloudflare marks are trademarks and/or registered trademarks of Cloudflare, Inc. in the U.S. and other jurisdictions. All other marks and names referenced herein may be trademarks of their respective owners.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241204752587/en/

Cloudflare, Inc.

Daniella Vallurupalli

Vice President, Head of Global Communications

press@cloudflare.com

Source: Cloudflare, Inc.

FAQ

What ranking did Cloudflare (NET) achieve in Fortune Future 50 2024?

Cloudflare (NET) ranked #14 on Fortune's Future 50 list for 2024.

How many cyber threats did Cloudflare (NET) block per day in Q3 2023?

Cloudflare blocked an average of 165 billion cyber threats per day during the third quarter of 2023.

What percentage of web traffic runs through Cloudflare's (NET) network in 2024?

Approximately 20% of web traffic runs through Cloudflare's network.

What is Cloudflare's (NET) projected total addressable market by 2027?

Cloudflare's total addressable market is projected to grow to $222 billion by 2027.