Cloudflare’s Q3 2023 earnings report showcases a revenue of $335.6 million, a remarkable increase of 32% compared to the same quarter in the previous year. Following GAAP accounting principles, the initial profit stands at $257.5 million, translating to a profit margin of 76.7%. However, the adjusted net loss amounts to $23.5 million, which is a decrease in losses from the previous year. The company generated a cash flow from operations of $68.1 million and holds liquid assets totaling $1,574.3 million.
Matthew Prince, co-founder and CEO of Cloudflare, comments on the impressive profitability trend established in the consecutive 5 quarters. Cloudflare sees immense potential in leveraging AI to optimize workload management across various platforms and aims to implement this technology by the end of 2024. Additionally, they forecast providing comprehensive network coverage for Serverless GPU services.
As of Q3 2023, Cloudflare has 182,027 paying customers, with 2,558 of them classified as major clients contributing over $100,000 annually.
TLDR: Cloudflare reports a 32% increase in revenue in Q3 2023, amounting to $335.6 million. Despite a net loss decrease, the company emphasizes the potential of AI for workload management and will offer Serverless GPU globally by 2024. With 182,027 paying customers, including 2,558 major clients, Cloudflare maintains a strong market position.