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Why Cloudflare Stock Got Crushed Today

TheMotleyFool

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Why Cloudflare Stock Got Crushed TodayPhoto, wide shot, wide-angle lens, Software company, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Sebastião Salgado: https://img.theapi.app/temp/70b5df15-67cc-4a1b-af41-3596614daf77.png

Shares of Cloudflare (NYSE: NET) cratered on Friday, falling as much as 20.5%. As of 1:36 p.m. ET, the stock was still down 20.3%.

The catalyst that sent the cloud computing company plummeting was its quarterly financial report, which was surprisingly robust, but apparently investors wanted more.

For the third quarter, Cloudflare generated revenue of $253.9 million, up 47% year over year and surpassing $1 billion in annualized revenue for the first time. This resulted in adjusted earnings per share (EPS) of $0.06, up from $0.00 in the prior-year quarter.

Source Fool.com

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