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2023-04-29

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Cloudflare Share Tumble Wipes Out $4 Billion of Market Value

Cloudflare Inc. lost $4.2 billion of its market value after the cybersecurity-focused provider of cl

Cloudflare Share Tumble Wipes Out $4 Billion of Market Value

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Chief Executive Officer Matthew Prince said on an earnings call that, after bank failures intensified “macroeconomic uncertainty,” it took the company longer to sell its products and it converted fewer sales leads into customers. Cloudflare shares closed 21% lower at $47.05 Friday. </p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5f94ac42925d7a4adc4a09fae9944f51\" alt=\"\" title=\"\" tg-width=\"930\" tg-height=\"523\"/></p><p>Amazon said Thursday that growth in its Amazon Web Services cloud division cooled in April from the first quarter — and growth in the first three months of the year was the weakest since the company began breaking out the unit’s sales. AWS is the largest seller of rented computing power and software services. </p><p style=\"text-align: start;\">Like Amazon, Cloudflare noted customers were being cautious on spending. Cloudflare reported first-quarter revenue of $290.2 million, just missing estimates for $290.9 million. Prince said he wanted to be “very prudent” about future business and that while early signs were that conditions weren’t worsening, it also didn’t appear things would be getting “significantly better.” </p><p style=\"text-align: start;\">Some Cloudflare analysts pointed to risks to the company from continued strains in the backdrop. Pressure on IT spending in general is likely to persist until economic growth improves, said John Butler, an analyst at Bloomberg Intelligence.</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Cloudflare Share Tumble Wipes Out $4 Billion of Market Value</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCloudflare Share Tumble Wipes Out $4 Billion of Market Value\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-04-29 07:32 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2023-04-28/cloudfare-slumps-most-ever-as-slowdown-looms-for-cloud-firms?srnd=technology-vp><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Cloudflare Inc. lost $4.2 billion of its market value after the cybersecurity-focused provider of cloud services joined Amazon.com Inc. in reporting a hit to demand for remote computing power, ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-04-28/cloudfare-slumps-most-ever-as-slowdown-looms-for-cloud-firms?srnd=technology-vp\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NET":"Cloudflare, Inc."},"source_url":"https://www.bloomberg.com/news/articles/2023-04-28/cloudfare-slumps-most-ever-as-slowdown-looms-for-cloud-firms?srnd=technology-vp","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142240135","content_text":"Cloudflare Inc. lost $4.2 billion of its market value after the cybersecurity-focused provider of cloud services joined Amazon.com Inc. in reporting a hit to demand for remote computing power, sparking the company’s worst day of trading on record.The San Francisco-based company on Thursday lowered its full-year revenue outlook to $1.28 billion to $1.284 billion from an earlier estimate for $1.33 billion to $1.34 billion. Chief Executive Officer Matthew Prince said on an earnings call that, after bank failures intensified “macroeconomic uncertainty,” it took the company longer to sell its products and it converted fewer sales leads into customers. Cloudflare shares closed 21% lower at $47.05 Friday. Amazon said Thursday that growth in its Amazon Web Services cloud division cooled in April from the first quarter — and growth in the first three months of the year was the weakest since the company began breaking out the unit’s sales. AWS is the largest seller of rented computing power and software services. Like Amazon, Cloudflare noted customers were being cautious on spending. Cloudflare reported first-quarter revenue of $290.2 million, just missing estimates for $290.9 million. Prince said he wanted to be “very prudent” about future business and that while early signs were that conditions weren’t worsening, it also didn’t appear things would be getting “significantly better.” Some Cloudflare analysts pointed to risks to the company from continued strains in the backdrop. Pressure on IT spending in general is likely to persist until economic growth improves, said John Butler, an analyst at Bloomberg Intelligence.","news_type":1},"isVote":1,"tweetType":1,"viewCount":700,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":30,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}