Cloudflare, Inc. (NYSE:NET) reported its first-quarter financial results after the bell on Thursday. Here are the details.

Cloudflare reported quarterly earnings of 16 cents per share, which beat the analyst consensus estimate of 13 cents by 23.08%. The company closed quarterly sales of $378.6 million, which beat the analyst consensus estimate of $373.09 million. It represents a 30.47% growth from the prior year's period.

Free cash flow was $35.6 million, or 9% of revenue, compared to $13.9 million, or 5% of revenue, in the first quarter of 2023. Cash and equivalents totaled $1.716 billion as of March 31, 2024.

"The first quarter marked a strong start to the year, as we grew revenue 30% year-over-year to $378.6 million—fueled by a record number of net-new customers year-over-year spending more than $100,000, $500,000, and $1 million with Cloudflare on an annualized basis. I'm incredibly proud of the fact that our team has been able to continue to build our network, service larger and larger customers, and launch entirely new categories of products—including in the AI space—while also remaining disciplined with our gross and operating margins and our free cash flow," said Matthew Prince, CEO of Cloudflare.

Outlook: Cloudflare sees second-quarter revenue between $393.5 million and $394.5 million, versus the $393.4 million estimate, and adjusted earnings of approximately 14 cents per share versus the 13 cents estimate.

The company expects full-year 2024 revenue between $1.648 billion and $1.652 billion, versus the $1.653 billion estimate, and adjusted earnings between 60 cents and 61 cents per share, versus the 60 cent estimate.

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NET Price Action: According to Benzinga Pro, Cloudflare shares are down 14.20% after-hours at $76.30 at the time of publication Thursday.