So Cloudflare is that quiet Cloud leader that just keeps … killing it. We last checked in on them at $500m in ARR, growing 50%.
Today, they are at just about $1B in ARR … and growing even faster at 54% year-over-year than they were at $500m in ARR! Wow.
And while everyone has taken a hit in public market valuations, Cloudflare has outperformed. Its stock roared up 27% after its last earnings release.
Today is the Best of Times for Cloudflare. No downturn, no slow down. Even with some sales cycles indeed getting a bit more challenging, especially for deals in the $500k-$1m range.
5 Interesting Learnings:
#1. $100k+ Customers are Now 50% of Revenue — At $1B in ARR. Cloudflare has marched upmarket, but slowly for a product still with a free base. Its $100k+ customers are now the fastest growing segment, and more than half its revenue is from these bigger customers. Still, its big customers are barely 1% of its customer base of 151,000.