Cloudflare Shares Tumble 13% on Disappointing Revenue Outlook

Bloomberg05-03

Cloudflare Inc. reported second-quarter revenue projections that fell short of analysts’ expectations, sending shares plunging in after-market trading.The San Francisco-based security company ...

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The second quarter revenue outlook falling short of expectations sparks concerns about the company’s ability to maintain its current growth rate, Bloomberg Intelligence said in a note.Shares fell 13% in New York, in premarket trading.Cloudflare and its peers have faced headwinds in recent months as businesses scaled back IT spending.For Cloudflare, the revenue projection overshadowed what was otherwise a solid beat in first-quarter results for the company. It posted adjusted earnings of 16 cents per share, up from a year earlier and beating analysts’ estimates of 13 cents.Cloudflare’s first quarter sales of $378.6 million beat analysts’ estimates of $373.7 million.Analysts have said that Cloudflare was taking share from rivals with cloud-based offerings on its content-delivery network, while a sales-force restructuring gained traction, which pointed toward improved momentum. 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