Cloudflare, Inc. (NET) reported impressive fourth-quarter 2024 results, with adjusted earnings per share of $0.19 surpassing analysts' expectations of $0.18. The company's revenue grew by a robust 27% year-over-year to $459.9 million, exceeding the consensus forecast of $452.1 million.

A key highlight was the 47% year-over-year growth in Cloudflare's customer base spending over $1 million annually, reaching 173 customers by the end of 2024. Over half of the 55 new $1 million customers were added during the fourth quarter alone, reflecting strong demand for the company's innovative solutions.

Cloudflare's performance was driven by its commitment to innovation, including the recent launch of the "Content Credentials" feature aimed at enhancing digital content authenticity and combating AI-generated misinformation. This positions the company as a leader in the growing digital security and media verification sectors.

For the full year 2025, Cloudflare provided an upbeat revenue guidance range of $2.09 billion to $2.094 billion, aligning closely with analysts' consensus estimates. However, the company's adjusted earnings per share guidance of $0.79 to $0.80 surpassed Wall Street's expectations, reflecting its confidence in continued profitability and earnings growth.

Analysts praised Cloudflare's strong execution and viewed the company as well-positioned to capitalize on its large addressable market and long growth runway. With a focus on addressing emerging trends such as the demand for secure and verifiable online content, Cloudflare is expected to maintain its momentum and deliver robust financial results in the coming quarters.