Cloudflare, Inc. (NYSE: NET), a leading connectivity cloud company, reported robust financial results for Q2 2024, highlighting a 30% year-over-year revenue increase to $401 million. Despite a GAAP operating loss of $34.7 million (9% of revenue), the company achieved a non-GAAP operating income of $57 million (14% of revenue), showcasing operational efficiency improvements. GAAP net loss significantly narrowed to $15.1 million from $94.5 million in Q2 2023, while non-GAAP net income rose to $69.5 million, doubling from the previous year. The company also reported strong cash flow, with operating cash flow at $74.8 million (19% of revenue) and free cash flow at $38.3 million (10% of revenue).
CEO Matthew Prince expressed pride in Cloudflare’s resilience and focus on execution, which helped the company exceed $1.6 billion in annualized revenue and improve sales productivity. Looking ahead, Cloudflare projects Q3 2024 revenue between $423 million and $424 million and full-year revenue between $1,657 million and $1,659 million. Non-GAAP income from operations is expected to range from $196 million to $198 million for the full fiscal year.
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