Cloudflare drops on muted Q2 revenue forecast, to cut 20% jobs

Cloudflare

07/05/2026 22:56

** Shares of cloud services firm Cloudflare NET.N fall ~15% to $220.52 in extended trading

** Co forecasts quarterly revenue below estimates; says it is laying off about 20% of employees globally, cutting more than 1,100 jobs

** Expects Q2 revenue between $664 million and $665 million, compared with analysts' estimates of $665.3 million - data compiled by LSEG

** Posts Q1 revenue of $639.8 million, beating estimates of $621.9 million

** Reports Q1 adjusted EPS of 25 cents, compared with estimates of 23 cents

** As of Thursday's close, stock up 30% YTD

(Reporting by Koyena Das from Bengaluru )

((Koyena.das@thomsonreuters.com))