Cloudflare, Inc. - NET STOCK NEWS

Cloudflare, Inc. (NYSE: NET) will release its financial results for the first quarter ending March 31, 2023, on April 27, 2023, after market close. An investor conference call will be held at 2:00 p.m. Pacific time to discuss these results. Access to the call is available through dialing a dedicated telephone number or via a live webcast on the company’s investor relations website. Additionally, Cloudflare will host an Investor Day on May 4, 2023, in New York City, coinciding with its user conference, Cloudflare Connect. This event will start at 9:00 a.m. Eastern time and will also feature a live webcast, with a replay available afterward.

Cloudflare (NYSE: NET) announced a commitment to provide post-quantum cryptography for free to all customers, enhancing security against future threats posed by quantum computing. This initiative aligns with the Biden Administration's directive for agencies and the private sector to prepare for potential encryption vulnerabilities. Cloudflare's move is aimed at preventing companies from incurring high costs from emerging vendors. With over 99% of websites supporting NIST-approved post-quantum measures powered by Cloudflare, this effort will ensure improved cybersecurity standards for both businesses and non-profits.

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.