The Top 5 Analyst Questions From Cloudflare's Q1 Earnings Call

Cloudflare delivered a first-quarter performance that outpaced Wall Street’s revenue expectations, driven by strong growth in its large enterprise customer base and continued demand for its security and developer platforms. CEO Matthew Prince credited the quarter’s momentum to notable wins, including the largest contract in company history—over $100 million—stemming from its Workers developer platform. Management emphasized that improvements in sales productivity and a disciplined approach to cost control enabled Cloudflare to navigate a volatile macroeconomic environment. Prince noted, “We saw particular strength with our largest customers, those that spend over $1 million and $5 million with Cloudflare per year.”

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While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions Cloudflare’s Q1 Earnings Call

• Matt Hedberg (RBC Capital Markets) asked about macro trends influencing internet traffic and tariffs; CEO Matthew Prince stated that global traffic remains steady and the company has not seen material impact from tariff discussions.
• Joel Fishbein (Truist Securities) inquired about sales productivity and capacity in the enterprise segment; Prince said improvements continue, driven by hiring and a more disciplined go-to-market approach.
• Mark Murphy (JPMorgan) questioned the impact of rising DDoS attacks on the business; Prince explained Cloudflare’s network architecture can absorb large-scale attacks without incremental costs, positioning it favorably against competitors.
• Keith Weiss (Morgan Stanley) asked for details on the $100 million Workers platform deal and changes in customer cohort additions; Prince described accelerated adoption due to platform maturity, while CFO Thomas Seifert noted that quarterly fluctuations are mostly timing-related.
• Shaul Eyal (TD Cowen) sought clarity on supply chain resilience given tariff risks; Prince highlighted diversified vendor relationships and assembly options to ensure consistent network expansion and global service delivery.

Catalysts in Upcoming Quarters

Looking ahead, the StockStory team will be monitoring (1) the pace of enterprise and government adoption of Cloudflare’s Zero Trust and developer platforms, (2) tangible progress in AI-related product integration and customer wins, and (3) the company’s ability to sustain sales productivity improvements and operational efficiency. Execution in these areas will be key indicators of Cloudflare’s ability to maintain growth amid external volatility.

Cloudflare currently trades at $185, up from $124.54 just before the earnings. Is there an opportunity in the stock?See for yourself in our full research report (it’s free).

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