Cloudflare, Inc. - NET STOCK NEWS

Cloudflare (NYSE: NET) has announced its entry into the fraud detection market, aiming to enhance online security for businesses. Leveraging its global network and advanced machine learning models, Cloudflare Fraud Detection will identify and prevent various forms of online fraud such as fraudulent transactions and account takeovers. With over 285 cities in 100 countries, Cloudflare can analyze threats in real-time to safeguard brands without compromising performance. This move comes as over half of companies with $10 billion in revenue reported experiencing digital fraud, highlighting the growing need for efficient fraud protection.

Cloudflare, Inc. (NYSE: NET) has announced new integrations of its Zero Trust platform with Atlassian, Microsoft, and Sumo Logic to enhance security for businesses. These integrations allow for seamless protection of collaborative tools like Jira and Confluence, enable data security through Microsoft Sensitivity Labels, and improve threat detection with Sumo Logic's Cloud SIEM. Since its launch, Cloudflare One has served over 10,000 companies, streamlining security across varied applications and corporate networks.

Cloudflare, Inc. (NYSE: NET) reported robust fourth-quarter results for 2022, with revenue reaching $274.7 million, a 42% year-over-year increase. Fiscal year revenue totaled $975.2 million, up 49% year-over-year. The company recorded a GAAP loss from operations of $50.7 million, or 18.5% of total revenue, while non-GAAP income from operations was $16.8 million, or 6.1%. Notably, operating cash flow hit a record $78.1 million, and free cash flow was $33.7 million. Cloudflare ended the year with cash reserves of $1.65 billion.

CEO Matthew Prince highlighted achieving record operating profit and efficiency during an economic slowdown.

Cloudflare, Inc. (NYSE: NET) has appointed Phil Winslow as Vice President of Strategic Finance, Treasury, and Investor Relations. Winslow brings extensive experience from his previous roles at Credit Suisse and Wells Fargo, where he was a key analyst in the software sector. His primary responsibilities will include optimizing Cloudflare's long-term financial strategy, managing capital structure, and overseeing investor relations. The company aims to achieve $5 billion in annualized revenue within five years. Winslow's expertise will support Cloudflare's growth, free cash flow generation, and enhance its position in the cloud-based services market.

Cloudflare has secured a $7.2 million contract from the Cybersecurity and Infrastructure Security Agency (CISA) to deliver Registry and Authoritative DNS services for the .gov domain. The contract aims to enhance security and resilience for government users. Cloudflare will provide managed name servers and automate DNS security management. This partnership supports CISA's efforts to reduce vulnerabilities in government infrastructure and improve incident detection. Additionally, Cloudflare's services are pivotal for U.S. Federal agencies, having previously provided a protective DNS resolver solution.

Cloudflare (NYSE: NET) has announced new integrations with Microsoft Azure Active Directory, enabling businesses to implement Zero Trust security seamlessly. This enhancement allows clients to deploy security measures without code changes and includes features like Remote Browser Isolation for high-risk users. The integration also supports automated identity management, syncing user groups across platforms, saving IT teams significant time.

Since 2018, Cloudflare has partnered with Microsoft to enhance security solutions for clients, including Fortune 500 companies.

Cloudflare, Inc. (NYSE: NET) has launched new Zero Trust email security solutions to combat phishing attacks and data loss. These tools are compatible with any email provider and can be deployed quickly, significantly reducing the complexity of traditional systems. In 2022, Cloudflare Area 1 blocked nearly 2.3 billion unwanted messages. With the new solutions, businesses can isolate suspicious links, stop data exfiltration, and onboard Microsoft 365 domains rapidly. This enhancement addresses the high costs associated with email security vulnerabilities, which amounted to nearly $2.4 billion in losses for U.S. businesses in 2021.

Cloudflare, Inc. (NYSE: NET) has announced the launch of Magic WAN Connector, an open-source software package that integrates with Cloudflare One to provide a comprehensive SASE solution. This innovation enables businesses to connect and secure their corporate networks, enhancing performance and flexibility. CIOs seek unified vendor solutions, and Cloudflare's offering aligns with the trend towards single-vendor deployments in SASE. The company also expanded its Network On-ramp partner program, enhancing customer choice for connectivity options.