Cloudflare, a leading global cloud platform, has announced its financial results for the fourth quarter and fiscal year ending December 31, 2024, reporting strong revenue growth and an expanding customer base.
The results also prompted a positive response from the market, reflecting investor confidence in the company’s long-term growth prospects.
The company reported a fourth-quarter revenue of $459.9 million, reflecting a 27% increase year-over-year. For the full fiscal year 2024, Cloudflare’s revenue totaled $1.67 billion, marking a 29% growth compared to the prior year.
Despite the revenue growth, Cloudflare posted a GAAP loss from operations of $34.7 million in Q4, or 7.5% of total revenue. However, on a non-GAAP basis, the company achieved an income from operations of $67.2 million, or 14.6% of total revenue, highlighting strong operational efficiency despite ongoing investments.
Cloudflare also reported operating cash flow of $127.3 million in the fourth quarter, up from $85.4 million in Q4 2023. Free cash flow was $47.8 million, or 10% of total revenue, slightly lower than $50.7 million in the same period last year but still reflecting a strong cash position.
As of December 31, 2024, the company held $1.86 billion in cash, cash equivalents, and available-for-sale securities, strengthening its financial foundation for future growth initiatives.
Cloudflare’s customer growth was a key highlight. The number of high-value customers—those spending more than $1 million annually—increased to 173, a 47% rise year-over-year. Notably, 55 new customers joined in 2024, with more than half of these additions occurring in the fourth quarter, signaling strong demand for Cloudflare’s products and services.
Following the release of its earnings report, Cloudflare’s stock saw a positive reaction in after-hours trading. Investors were encouraged by the company’s strong revenue growth, impressive customer expansion, and healthy cash flow despite a modest GAAP loss.
Shares of Cloudflare rose by approximately 5% after the announcement, reflecting investor confidence in the company’s robust financial performance and its ability to drive long-term growth.
The market response indicates that investors remain optimistic about Cloudflare’s ability to capitalize on the growing demand for cloud security and performance solutions.
Cloudflare’s co-founder and CEO, Matthew Prince, expressed satisfaction with the company’s 2024 performance, noting, “Our continued momentum, supported by a growing base of high-value customers, positions us well for sustained growth.
The results speak to the trust our customers place in our platform, and we are excited to build on this success in 2025.”
As Cloudflare continues to expand its offerings and attract large-scale clients, the company is poised to benefit from increasing global demand for cloud solutions.
With a solid cash position and increasing market share, Cloudflare is well-positioned to maintain its growth trajectory.
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