Cloudflare reported strong financial results for its second quarter ending June 30, 2024. The company achieved an annualized revenue milestone of $1.6 billion, marking a 30% year-over-year increase. CEO Matthew Prince highlighted the company’s focus on execution, resulting in significant improvements in sales productivity and reinforcing Cloudflare’s essential role in helping customers modernize and secure their businesses.
- Revenue: $401.0 million, up 30% year-over-year.
- Gross Profit: GAAP gross profit of $312.0 million (77.8% margin); Non-GAAP gross profit of $316.6 million (79.0% margin).
- Operating Income (Loss): GAAP loss of $34.7 million (8.7% of revenue);
- Non-GAAP income of $57.0 million (14.2% of revenue).
- Net Income (Loss): GAAP net loss of $15.1 million; Non-GAAP net income of $69.5 million.
- Cash Flow: Net operating cash flow of $74.8 million;
- Free cash flow of $38.3 million (10% of revenue).
- Cash Position: $1,757.4 million in cash, cash equivalents, and available-for-sale securities.
“We had a strong second quarter, crossing $1.6 billion in annualized revenue and growing 30% year-over-year. The world is still complicated, but our team remained focused on execution and delivered terrific results, including a double-digit year-over-year improvement in sales productivity,” said Matthew Prince, co-founder & CEO of Cloudflare. “I’m proud of how Cloudflare rises to the occasion to help our customers solve some of the hardest problems they face when modernizing, transforming, and securing their businesses—checking off even more value with the promise of our connectivity cloud and reinforcing Cloudflare’s position on ‘must-have’ lists.”