Cloudflare Finishes 2024 Strong
Here's our initial take on Cloudflare's (NYSE: NET) fourth-quarter financial report.
Cloudflare's fourth-quarter financial report confirmed the cloud company's upward trajectory for its business. Gains in revenue, adjusted net income, and operating cash flow were impressive during the quarter, largely sustaining the growth that Cloudflare has enjoyed throughout 2024. Gross margin did sag a bit, but that didn't stop adjusted net income from rising 29% during the quarter, outpacing revenue growth and showing discipline on the cost side.
Co-founder/CEO Matthew Prince was particularly pleased about the contribution that Cloudflare's largest customers made toward the company's broader success. The company added 55 new $1 million clients during 2024, and more than half of those newcomers came in just the last quarter of the year. Prince credited his employees' willingness to embrace innovation, both in artificial intelligence and elsewhere, as helping to provide greater returns on the money that clients spend on Cloudflare's software platform and related products.
Source Fool.com
