Cloudflare reported Q3 revenue of $335.6 million, representing an increase of 32% year-over-year. Non-GAAP net income was $55.3 million, compared to $19.1 million in the third quarter of 2022. Non-GAAP net income per diluted share was $0.16, compared to $0.06 in the third quarter of 2022.
“We delivered another strong quarter, growing revenue by 32% year-over-year to $335.6 million and delivering our fifth consecutive quarter of record operating profitability,” said Matthew Prince, co-founder & CEO of Cloudflare. “In our third quarter, we relentlessly innovated and accelerated our efforts in AI, announcing the most complete platform to deploy fast, secure, compliant AI inference at scale with Workers AI—along with several partnerships and collaborations with the who’s who of AI. We believe inference is the biggest opportunity in AI, and inference tasks will largely be run on end devices and on connectivity clouds like Cloudflare. By the end of 2024, we expect to have inference-optimized GPUs running in nearly every location where Cloudflare operates worldwide—within milliseconds of every Internet user.”
- Separately, Cloudflare experienced major outages this week apparently relating to a loss of power impacting data centres while simultaneously failing over services. Loss of API connectivity impacted at the data plane / edge level, meaning that the full product functionality is either partially or fully affected: Logpush, WARP / Zero Trust device posture, Cloudflare dashboard, Cloudflare API, Stream API, Workers API, Alert Notification System.
