Lates News

As the rapid adoption of artificial intelligence continues to boost demand for network services, Cloudflare raised its profit forecast for the third time this year. Cloudflare said in a statement on Thursday that it now expects full-year adjusted earnings per share of $1.35, up from its previous forecast of $1.25 to $1.26. The Wall Street average estimate was $1.27 per share. Chief Executive Officer Matthew Prince said: "We accelerated growth, delivering our fastest revenue growth in nearly four years while expanding profitability." As of Thursday's close, the stock had risen 24% this year and gained nearly 20% in after-hours trading at one point. Cloudflare's recent earnings reflect its fast-growing business spanning internet infrastructure, security and developer services. Cybersecurity stocks have performed strongly overall this year, although performance varies by company and measurement period.