Cloudflare Inc. shares recovered some of Thursday’s losses in the extended session after the cybersecurity company’s revenue and sales forecast came in higher than Wall Street expected.
Cloudflare NET, +3.69% shares jumped 6% after hours, following a nearly 13% drop in the regular session to close at $67.07. Over the past 12 months, shares have gained 177%, while the S&P 500 index SPX, +0.74% gained 48%, and the tech-heavy Nasdaq Composite Index COMP, +0.88% rose 54%.
The company reported a first-quarter loss of $40 million, or 13 cents a share, compared with a loss of $32.7 million, or 11 cents a share, in the year-ago period. The adjusted loss, which excludes stock-based compensation expenses and other items, was 3 cents a share, compared with a loss of 4 cents a share in the year-ago period.
Revenue rose to $138.1 million from $91.3 million in the year-ago quarter.
Analysts surveyed by FactSet had forecast a loss of 3 cents a share on revenue of $131 million.
Cloudflare expects an adjusted loss of 4 cents to 3 cents a share on revenue of $145.5 million to $146.5 million for the second quarter, while analysts had forecast a loss of 3 cents a share on revenue of $139.1 million.
For the year, the company forecast an adjusted loss of 11 cents to 10 cents a share on revenue of $612 million to $616 million, while analysts estimate a loss of 9 cents a share on revenue of $592.8 million.