Shares of Cloudflare rose late Thursday after fourth-quarter results topped estimates.
The stock was up 21%, to $109.5, in after-hours trading, following an 8.4% rise at Thursday’s close. Shares are up 8.5% since the start of the year.
The cloud-services company’s revenue jumped 32% and topped analysts estimates in the fourth quarter.
Cloudflare said it signed its largest ever new customer and largest customer renewal. The company said its pipeline close rates, sales force productivity, average deal size and linearity all “improved markedly” from the prior quarter.
Cloudflare’s loss narrowed in the period and adjusted profit topped estimates.
The company forecast 2024 revenue of $1.648 billion to $1.652 billion, in line with analysts’ estimates, and an adjusted profit of 58 cents to 59 cents a share. Analysts polled by FactSet expect an adjusted profit of 54 cents a share.