Why Cloudflare Stock Is Skyrocketing Today
Cloudflare (NYSE: NET) stock is soaring in Friday's trading. The company's share price was up 19.5% as of 2:40 p.m. ET amid the backdrop of a 0.9% decline for the S 500 index and a 1.4% pullback for the Nasdaq Composite.
Cloudflare published its fourth-quarter earnings after the market closed yesterday and reported sales and earnings performance that beat Wall Street's expectations. Even better, the company laid out very strong guidance for the current quarter and fiscal year.
With its Q4 report, Cloudflare recorded non-GAAP (adjusted) earnings per share of $0.19 on sales of $459.9 million. Meanwhile, the average analyst estimate had called for adjusted earnings of $0.18 per share on sales of roughly $452.1 million.
Source Fool.com
