Why Cloudflare Stock Surged Higher Friday Morning
Shares of Cloudflare (NYSE: NET) traded higher Friday, surging as much as 10.6%. As the day wore on, however, the initial gains evaporated as the broad market downtrend weighed on the stock, and as of 12:57 p.m. ET today, the stock was up about 1%.
The edge computing specialist reported remarkably strong financial results, but the broad market downtrend today took the wind out of the company's sails.
For the fourth quarter, Cloudflare's revenue grew 42% year over year to $274.7 million, resulting in record adjusted earnings per share (EPS) of $0.06. Analysts' consensus estimates called for revenue of $274.1 million and EPS of $0.05, so Cloudflare cleared both bars with ease.
Source Fool.com
