Cloudflare, an internet services and security company, reported its first-quarter results which missed on the top line, causing its shares to plummet by as much as 25% in after-hours trading on Thursday. Although Cloudflare's adjusted earnings per share of 8 cents exceeded the expected 3 cents per share, its revenue of $290.2 million fell short of the expected $290.8 million. The company also revised its full-year revenue guidance for 2023 down to around $1.28 billion, a significant drop from its previous guidance of between $1.33 billion and $1.34 billion. Cloudflare's CFO, Thomas Seifert, attributed the revision to the lengthening of sales cycles and a significant backend-weighting of linearity due to increasing macroeconomic uncertainty. Additionally, Cloudflare's guidance for the second quarter of 2023 was below consensus estimates, with the company projecting revenue between $305 million and $306 million, versus a consensus estimate of $319 million. Despite reporting a net loss of $38 million for the quarter, the company's loss was less than the $41 million loss reported for the same period in the previous year.
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The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
a company, which engages in the provision of cloud-based services to secure websites
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