Cloudflare · Q2 2023 earnings

Briefing

Cloudflare's Q2 2023 revenue increased by 32% year-over-year, reaching $308.5 million. The company achieved a record quarter for new ACV bookings and delivered its fourth consecutive quarter of record operating profit.

Cloudflare's second quarter 2023 results showed strong revenue growth of 32% year-over-year, reaching $308.5 million. The company also reported GAAP loss from operations of $56.2 million, or 18% of revenue, and non-GAAP income from operations of $20.3 million, or 7% of revenue. Additionally, Cloudflare achieved operating cash flow of $64.5 million and free cash flow of $20.0 million.

• Revenue totaled $308.5 million, up 32% year-over-year.
• GAAP loss from operations was $56.2 million, or 18% of revenue.
• Non-GAAP income from operations was $20.3 million, or 7% of revenue.
• Operating cash flow reached $64.5 million, or 21% of revenue, while free cash flow was $20.0 million, or 6% of revenue.

Headline financials

Revenue & EPS history

For the third quarter of fiscal 2023, Cloudflare expects total revenue of $330.0 to $331.0 million, non-GAAP income from operations of $20.0 to $21.0 million, and non-GAAP net income per share of $0.10, utilizing weighted average common shares outstanding of approximately 347 million. For the full year fiscal 2023, the company expects total revenue of $1,283.0 to $1,287.0 million, non-GAAP income from operations of $81.0 to $85.0 million, and non-GAAP net income per share of $0.37, utilizing weighted average common shares outstanding of approximately 345 million.