Cloudflare has reported its first quarter performance for 2024, showing a total revenue growth of 30% from the same period in the previous year to $378.6 million, with a net loss according to GAAP accounting of $54.6 million and free cash flow of $35.6 million.
Matthew Prince, co-founder and CEO of Cloudflare, stated that the first quarter performance sets a strong foundation for the year ahead. The number of net new customers across all spending levels has increased, setting new records. The company continues to develop new products in emerging categories, including AI, while effectively managing costs.
Cloudflare boasts 197,318 paying customers, with 2,878 of them being large customers who spend over $100,000 annually.
Source: Cloudflare
TLDR: Cloudflare’s first quarter performance in 2024 saw significant revenue growth, strong customer acquisition, and innovative product development, despite posting a net loss according to GAAP accounting standards.
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