Cloudflare, a global network services provider, has reported a 33% increase in revenue year-over-year, reaching $1.296 billion for the year ended December 31, 2023. Despite this growth, the company experienced a net loss of $183.9 million, an improvement from the previous year's net loss of $193.4 million. The gross margin remained consistent at 76%. Operating expenses rose across the board, with sales and marketing up by 29%, research and development by 20%, and general and administrative by 21%. The company highlighted its investment in product development, network growth, and an efficient go-to-market model as key elements of its business strategy. Cloudflare's international revenue accounted for 48% of the total in 2023, consistent with the previous two years. The company also emphasized the importance of its free...Show More

Cloudflare, a global network services provider, has reported a 33% increase in revenue year-over-year, reaching $1.296 billion for the year ended December 31, 2023. Despite this growth, the company experienced a net loss of $183.9 million, an improvement from the previous year's net loss of $193.4 million. The gross margin remained consistent at 76%. Operating expenses rose across the board, with sales and marketing up by 29%, research and development by 20%, and general and administrative by 21%. The company highlighted its investment in product development, network growth, and an efficient go-to-market model as key elements of its business strategy. Cloudflare's international revenue accounted for 48% of the total in 2023, consistent with the previous two years. The company also emphasized the importance of its free customer base in fostering brand marketing and product innovation. Looking ahead, Cloudflare is closely monitoring macroeconomic developments, including conflicts and financial market volatility, which have impacted its business and may continue to do so through 2024. The company plans to continue investing in its network infrastructure and sales operations, particularly targeting large customers and international growth. Cloudflare's financial position includes cash and cash equivalents of $86.9 million and available-for-sale securities of $1.586 billion as of December 31, 2023.