Cloudflare Inc (NYSE: NET) has been gaining for the past month. In Friday’s trading session, the stock closed the day in positive territory and was up by 4.23%. Back in November, the company released its Q3 results and they were better than what analysts were expecting.
The company announced that in Q3, it had revenues of $73.9 million. This was higher than the 48% that it recorded in a similar period in the last financial year. The company also announced that it had recorded a strong non-GAAP gross margin of 79%. The company CEO, Matthew Prince stated that, the strong revenue numbers were a result of their efficient business models. He added that the IPO they had in September was a major milestone, and that the company was proud of its ability to utilize capital efficiently.
In other financials, the company’s operating loss from operations stood at $41.1 million in Q3. This represents 55.6% of the company’s total revenues. In a similar quarter in the last financial year, the company recorded a non-GAAP loss of $18.1 million, a figure that represented 24.5% of its total revenues. The company also reported some positive projections for Q4. In its projections, it expects total revenues of between $78.5 million and $79.5 million. It also expects a non-GAAP loss of $21 to $22 million from its operations. Projected EPS for Q4 stands at between $0.06 and $0.07.
Besides the financials, the company CEO, Matt Prince will take part in the Disrupt Berlin conference on December 12th. He will also be part of the panel that will participate in a panel focused on building SaaS companies.
Looking at the charts, the company was trading between a low of $17.95 and a high of $18.50 before closing the day at $18.48 on Friday. Volumes in the day stood at 876.46k.
About Cloudflare Inc
Cloudflare Inc is a cloud platform that offers a wide array of network services to corporations across the world. Its headquarters are in San Francisco, California.