Cloudflare Inc is a technology company that provides internet security, performance, and reliability services for websites and applications. Their platform offers a range of solutions, including content delivery network (CDN) services, DDoS mitigation, internet traffic optimization, and secure access to applications. By acting as a protective intermediary between users and web properties, Cloudflare helps businesses improve load times, protect against cyber threats, and enhance the overall performance of their online presence. The company serves a diverse range of clients, from small businesses to large enterprises, aiming to make the internet more secure and efficient for everyone. Read More
Cloudflare delivered a strong Q3 performance, with results surpassing Wall Street’s expectations and the market responding positively. Management attributed the quarter’s momentum to a surge in large enterprise deals, notable wins across government and media clients, and continuing gains in sales productivity. CEO Matthew Prince highlighted the transition from a product-led growth model to a true enterprise sales approach as a key driver, noting, “You’re seeing the average tickets tick up. You’re seeing the large deals tick up. And that’s driving just success in taking what have always been exceptional products and getting them in the hands of customers.”
From commerce to culture, software is digitizing every aspect of our lives. This secular theme makes SaaS companies attractive investment candidates but also comes with higher valuations that make re-ratings harder.
Unfortunately, the rich prices have held them back over the past six months as the industry’s gain of 10.3% has fallen short of the S&P 500’s 21.3% rise.
Shares of restaurant technology platform Toast (NYSE:TOST) jumped 6% in the morning session after the company posted strong third-quarter results, beating revenue and profit expectations and raising its full-year profit forecast.
Shares of AI lending platform Upstart (NASDAQ:UPST) fell 13.2% in the morning session after the company reported mixed third-quarter results and provided a weaker-than-expected revenue forecast for the fourth quarter. While the artificial intelligence (AI) lending platform's earnings per share of $0.52 beat the forecast of $0.42, its third-quarter revenue of $277.1 million fell just short of the $280.6 million expected. The primary concern for investors, however, was the company's forward-looking guidance. Management projected fourth-quarter revenue to be around $288 million, which was significantly below the Wall Street consensus estimate of $306.6 million. This downbeat outlook suggested that the company's growth could slow more than anticipated, leading to a negative reaction from the market despite the quarterly profit beat.
Shares of collaboration software company Atlassian (NASDAQ:TEAM) fell 6.7% in the morning session after an analyst at Macquarie lowered the price target on the stock.
Shares of online insurance comparison site EverQuote (NASDAQ:EVER) jumped 11.4% in the morning session after the company reported strong third-quarter financial results that surpassed analyst expectations for both revenue and earnings. The online insurance marketplace announced quarterly revenue of $173.9 million, a 20.3% increase year-over-year that beat analyst estimates. Earnings per share also impressed, coming in at $0.50, which was significantly higher than the consensus forecast of $0.38. Adding to the positive sentiment, the company provided an optimistic outlook for the fourth quarter, guiding for revenue of $177 million at the midpoint, which was well above what analysts were expecting.
Amazon’s record-breaking rally erased Meta’s AI hangover and powered the Nasdaq to its best month since July. Meanwhile, geopolitics and a looming U.S. shutdown are testing investors’ nerves.
A number of stocks jumped in the afternoon session after blockbuster quarterly results from tech titans Apple and Amazon boosted investor confidence, supported by impressive earnings from key cloud and crypto leaders, Cloudflare and Coinbase.
A number of stocks jumped in the afternoon session after blockbuster quarterly results from tech titans Apple and Amazon boosted investor confidence, supported by impressive earnings from key cloud and crypto leaders, Cloudflare and Coinbase.
A number of stocks jumped in the afternoon session after blockbuster quarterly results from tech titans Apple and Amazon boosted investor confidence, supported by impressive earnings from key cloud and crypto leaders, Cloudflare and Coinbase.
A number of stocks jumped in the afternoon session after blockbuster quarterly results from tech titans Apple and Amazon boosted investor confidence, supported by impressive earnings from key cloud and crypto leaders, Cloudflare and Coinbase.
Shares of cloud security and performance company Cloudflare (NYSE:NET) jumped 10.4% in the afternoon session after the company reported an impressive "beat and raise quarter."
