Cloudflare, Inc. (NET) shares are down more than 14 percent on Friday morning trade as it reported a wider net loss of $32.75 million or $0.11 per share for the first quarter, compared with loss of $17.11 million or $0.20 per share in the prior year. The shares of the web-infrastructure and website-security company are currently at $25.48, down 13.79 percent from the previous close of $29.52. NET gapped down at $26.81 at open and are trading on a volume of 2, 912,318.
Looking ahead to the second quarter, the company expects adjusted net loss of $0.06 to $0.05 per share and revenue of $93.5 to $94.5 million.
Further, Cloudflare reaffirmed its guidance of adjusted net loss of $0.21 to $0.19 per share and revenue of $389 to $393 million for fiscal 2020.
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