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Cloudflare posts revenue beat, flags "challenging" operating conditions

Investing.com -- Cloudflare (NYSE:NET) has posted better-than-anticipated revenue in the third quarter, although the cloud services provider said it faces a "challenging" business enviornment.

The San Francisco-based company, which also offers cybersecurity services, reported revenue in the three months ended Sept. 30 of $335.6 million, a rise of 32% compared to the same period last year. Bloomberg consensus estimates had seen the figure at $330.6M.

Net loss per share, meanwhile, narrowed to $0.07 from $0.13.

Shares in Cloudflare rose in early U.S. trading on Friday.

In an earnings call, Chief Financial Officer Thomas Seifert warned of the impact of "broadening goepolitical uncertainty" and "increasingly mixed macroeconomic data points." Analysts have flagged some concerns that clients may be reining in their IT budgets in response to uncertain economic conditions.

Cloudflare now expects fourth-quarter revenue of between $352M to $353M. According to LSEG data cited by Reuters, market estimates had called for $356.3M.

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