04:59 PM EDT, 05/02/2024 (MT Newswires) -- Cloudflare ( NET ) reported Q1 non-GAAP earnings Thursday of $0.16 per diluted share, up from $0.08 a year earlier.

Analysts surveyed by Capital IQ expected $0.13.

Revenue for the quarter ended March 31 was $378.6 million, up from $290.2 million a year earlier.

Analysts surveyed by Capital IQ expected $373.4 million.

The company said it expects Q2 non-GAAP earnings of $0.14 per share. Analysts surveyed by Capital IQ expected $0.13. The company expects revenue for the quarter of $393.5 million to $394.5 million. Analysts expected $393.5 million.

Cloudflare ( NET ) raised full-year 2024 non-GAAP earnings estimates to the range of $0.60 to $0.61 per share from previous guidance of $0.58 to $0.59 per share. Analysts surveyed by Capital IQ expected $0.58. The company reiterated its revenue outlook of $1.648 billion to $1.652 billion. Analysts expected $1.65 billion.

Shares of the company fell about 14% in after-hours activity.

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