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Cloudflare Announced its third quarter results of FY21
The company added a record number of large customers during the quarter.

Cloudflare Inc. a website security service provider today announced its third-quarter earnings report at the end of September 2021.

Expectations are high from Cloudfare after the reported earnings of its third-quarter results on Thursday afternoon. Share give 160 percent year to date and company showing massive growth to its shareholders. Despite high expectations every quarter, it looks like the company managed to impress its investors.

The Co-founder and CEO of Cloudflare Matthew Prince said, “We had a remembering third quarter. The revenue growth is over 50 percent year-on-year. Over 70 percent customer base joined us on a year-on-year basis. We believe this growth and efficiency will be still in motion in this quarter too. We achieve this milestone a year ahead of our original planning and Timeline.”

Third Quarter Results in Brief:

Revenue:

The total revenue is up by 50 percent which is now $431 million than $287 million year-on-year basis. Also, on the last prior quarter, the revenue was $114 million, which now soars up to $172 million by 51 percent. According to their report, the compound annual growth return is increasing by 50 percent from the past 5 years on the revenue.

Customer Growth:

The company showed that their customer growth also increased by 70 percent over the year. They grow their large customer base from 736 to 1260 customers.

Gross Profit:

The Gross profit also soars from $87 million in the last corresponding quarter to $134 million in this respective third quarter, increased by 78.2 percent on quarter-on-quarter and 76.3 percent if compared on year-on=year.

Operating Income(Loss):

In the operating Income, losses from the operations are $26 million, which is 15 percent of the total revenue, in the quarter, which was $21 million in the previous corresponding quarter.

Net Income(Loss):

The net income loss is $107 million in this quarter compared to the last corresponding quarter which was just $26.5 million.

Cash and Cash Equivalent:

The cash and cash equivalent are negative which are nearly negative 7 million in this quarter, which was around $1.8 million in last respective quarter of 2020.

CLOUDFLARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021 2020 2021 2020
Revenue $ 172,347 $ 114,162 $ 462,830 $ 305,133
Cost of revenue(1)(2) 37,525 27,005 104,638 71,990
Gross profit 134,822 87,157 358,192 233,143
Operating expenses:
Sales and marketing(1) 85,877 55,982 231,846 154,323
Research and development(1)(3) 46,770 30,902 127,646 92,387
General and administrative(1)(3) 28,669 21,525 85,320 68,460
Total operating expenses 161,316 108,409 444,812 315,170
Loss from operations (26,494) (21,252) (86,620) (82,027)
Non-operating income (expense):
Interest income 385 1,316 1,302 5,742
Interest expense(4) (12,448) (9,828) (33,126) (14,902)
Loss on extinguishment of debt (72,234) (72,234)
Other income (expense), net 361 (208) (368) 58
Total non-operating income (expense), net (83,936) (8,720) (104,426) (9,102)
Loss before income taxes (110,430) (29,972) (191,046) (91,129)
Benefit from income taxes (3,095) (3,504) (8,238) (5,780)
Net loss $ (107,335) $ (26,468) $ (182,808) $ (85,349)
Net loss per share attributable to common stockholders, basic and diluted $ (0.34) $ (0.09) $ (0.59) $ (0.29)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 314,543 301,689 309,618 298,628

After this their growing mode, company is planning to impress more by increasing expectation with their future planning. The revenue forecast from the company is bigger than the analyst estimates, around $175 million given by analysts. Company giving their target by for fourth-quarter results between $184 million to $185 million. Both predictions are above then their third-quarter results.

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