Cloudflare Plunges After Disappointing Revenue Outlook

Cloudflare Inc. shares sank by 16.35% after markets opened Friday. The company's second-quarter revenue projections fell short of analysts’ expectations. The cloudflare stock plunged 16.45% after the company’s second quarter revenue projections.

Cloudflare's loss from operations widened to $54.6 million in the March quarter from $47.3 million a year ago. Sales and marketing expenses jumped about 42% to $194.1 million. High interest rates have hurt enterprise budgets as businesses expect some economic uncertainty.