Cloudflare, Inc. ( NET ) shares are trading higher on Friday after the company reported strong second quarter earnings and issued upbeat guidance.

The Details: Cloudflare ( NET ) reported 2024 fiscal year second quarter earnings after the market closed on Thursday. The company reported adjusted EPS of 20 cents beating analyst estimates of 14 cents.

Cloudflare ( NET ) reported sales of $401 million beating analyst estimates of $394.69 million. The reported sales figure represents a 29.99% year-over-year growth. In addition, Cloudflare ( NET ) reported operating income of $57 million and net income of $69.5 million.

The company issued guidance for the third quarter and the 2024 fiscal year. For the third quarter, Cloudflare ( NET ) sees adjusted EPS of 18 cents versus analyst estimates of 15 cents and revenue between $423 million and $424 million versus analyst estimates of $423.61 million.

In terms of the 2024 fiscal year, Cloudflare ( NET ) sees adjusted EPS between 70 cents and 71 cents versus analyst estimates of 63 cents. Also, the company sees revenue between $1.657 billion and $1.659 billion versus analyst estimates of $1.65 billion.

Analyst Changes: Following the earnings report, several analysts issued price target adjustments.

Needham analyst Alex Henderson reiterated Cloudflare ( NET ) with a Buy and maintained a $135 price target.

Piper Sandler analyst James Fish maintained Cloudflare ( NET ) with a Neutral and raised the price target from $82 to $83.

Cantor Fitzgerald analyst Yi Fu Lee maintained Cloudflare ( NET ) with a Neutral and raised the price target from $80 to $85.

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NET Price Action: At the time of publication, Cloudflare ( NET ) stock is trading 7.4% higher at $79.92, according to data from Benzinga Pro.

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