Cloudflare shares rise after forecast boost

Cloudflare's stock rose by 16.2% to $330.51 after the company raised its full-year revenue guidance, supported by strong AI-related demand that is boosting data traffic across its network. The company now expects full-year revenues to range between $2.86 billion and $2.87 billion, surpassing previous estimates of $2.805 billion to $2.813 billion, and exceeding the analyst consensus average of $2.81 billion. It also increased its adjusted earnings per share forecast to a range between $1.25 and $1.26. The company anticipates continuing to benefit from market trends in cybersecurity and artificial intelligence, despite its high valuation compared to market earnings, trading at over 190 times its expected earnings.

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