Cloudflare reports $656 million revenue in 2021, strong Q4
Network security and content delivery network provider Cloudflare this afternoon reported Q4 revenue that topped expectations and profit that narrowly beat Wall Street's forecast.
Revenue in Q4 rose 54%, year over year, to $193.6 million, yielding an EPS of $0.00.
Analysts had been modeling $184.7 million and and a loss per share of -$0.01.
The report sent Cloudflare shares up nearly 7% in late trading.
For the full year, the company saw a revenue of $656.4 million, a 52% year-over-year increase, and a non-GAAP net loss of $15.1 million.
"The full year represented a 52% year-over-year increase in revenue growth and a 71% year-over-year increase in large customer growth. It was also the fifth straight year we achieved 50%, or greater, compounded growth," said Matthew Prince, co-founder and CEO of Cloudflare.
"Our continued success is fueled by a culture of relentless innovation on top of a highly scalable platform. That's why we're uniquely positioned to extend our network, introduce new Zero Trust capabilities, and grow our total addressable market. We've never been more motivated to take on this huge opportunity as corporate networks transition to the cloud, and developers line-up to build on our edge."
In Q1, Cloudflare expects a revenue between $205 million and $206 million as well as a non-GAAP net income per share of $0.00 to $0.01. In fiscal 2022, the company is aiming for a revenue between $927 million and $931 million. They predicted a non-GAAP net income per share between $0.03 and $0.04.
The company also announced on Thursday that it is acquiring security company Vectrix for an undisclosed sum.