Cloudflare, Inc. announced its financial results for the third quarter ended September 30, 2024, reporting revenue of $430.1 million, an increase of 28% year-over-year. The company's non-GAAP earnings per share reached $0.20, surpassing analyst consensus estimates.
Despite the strong Q3 performance, Cloudflare provided a fourth-quarter revenue forecast of approximately $451.5 million, which was slightly below analysts' expectations. Management indicated that some large deals experienced delays in closing, contributing to the cautious outlook.
The company noted that 'pool of funds' deals, which represent customer commitment to the broad Cloudflare platform, accounted for 10% of new Annual Contract Value (ACV) booked in Q3 2024. This metric highlights a shift in customer engagement towards broader platform adoption.
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