Summary by Futu AI
On May 2, 2024, Cloudflare, Inc. released its financial results for the first quarter ended March 31, 2024. The company reported a 30% year-over-year increase in revenue, totaling $378.6 million. Despite a GAAP loss from operations of $54.6 million, Cloudflare achieved a non-GAAP income from operations of $42.4 million. The company also reported operating cash flow of $73.6 million and free cash flow of $35.6 million. Cloudflare's CEO, Matthew Prince, highlighted the company's growth, disciplined approach to margins and cash flow, and innovation in new product categories, including AI. For the second quarter of fiscal 2024, Cloudflare anticipates total revenue between $393.5 to $394.5 million, non-GAAP income from operations of $35.0 to $36.0 million, and non-GAAP net income per share of $0.14. The full-year fiscal 2024 outlook includes total revenue expectations of $1,648.0 to $1,652.0 million, non-GAAP income from operations of $160.0 to $164.0 million, and non-GAAP net income per share of $0.60 to $0.61. The company also hosted an investor conference call to discuss the results and posted supplemental financial information on its investor relations website.