Cloudflare (NET) on Thursday reported fourth quarter earnings and revenue that topped Wall Street targets while 2024 profit guidance for NET stock came in above expectations.

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For the quarter that ended Dec. 31, Cloudflare earnings were 15 cents a share, up 166% from 6 cents a year earlier. Revenue climbed 32% to $362.5 million, the San Francisco-based company said.

Analysts predicted adjusted profit of 12 cents a share and revenue of $353 million.

On the stock market today, Cloudflare stock rose nearly 15% to 103.76 in extended trading. NET stock had climbed 43% over the past year heading into the Cloudflare earnings report.

Cloudflare Stock: 2024 Profit Guidance

For full-year 2024, Cloudflare projected earnings per share in a range of 58 cents to 59 cents. The company expects revenue of $1.650 billion at the midpoint.

Analysts had projected adjusted earnings of 54 cents on revenue of $1.65 billion.

Started in 2009, Cloudflare works to speed up and provide security for web applications routed through its intelligent global network. The company has added web infrastructure to handle fast emerging generative artificial intelligence apps.

Cloudflare and rival Akamai Technologies (AKAM) are racing to deploy network gear that supports edge computing — extending cloud services closer to where data is generated. In late September, Cloudflare announced its “Workers AI” platform and partnerships with Microsoft (MSFT), privately-held Databricks and Hugging Face.

In addition, Cloudflare stock owns a Relative Strength Rating of 93 out of a best-possible 99, according to IBD Stock Checkup.

Follow Reinhardt Krause on X, formerly called Twitter, @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.

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