The shares of Cloudflare, Inc. soared over 20% in after-hours trading on Thursday after the company reported better-than-expected fourth-quarter financial results.
The company announced that its revenue in the final quarter of fiscal year 2023 increased by 32% in comparison to the same period of 2022, reaching a total of $362.5 million and surpassing the projected amount of $353.1 million. Additionally, the security enterprise stated that its earnings per share (EPS) for the fourth quarter reached $0.15, exceeding the estimated value of $0.12.
Cloudflare's stock surged by 20.34% at 5:25 pm ET to sell for $108.35 apiece.