Why Cloudflare Stock Jumped Today
Shares of Cloudflare (NYSE: NET) jumped as much as 13% today after the company reported strong first-quarter earnings results. They topped Wall Street's forecast, and guidance was also ahead of expectations. As of 12:15 p.m. EDT today, the stock had given back some of those gains and was up just 5%.
Revenue in the first quarter came in at $138.1 million, compared to the consensus estimate of $131 million. That resulted in an adjusted net loss per share of $0.03, which is right on target with analyst expectations. The cybersecurity technology company said its dollar-based net retention rate, which measures spending from existing customers, hit a record 123%.
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Source Fool.com
