Cloudflare reported Q1 adjusted EPS $0.25 beating consensus and revenue $639.8 million, up 34% YoY.
Shares plunged 14% after the company gave Q2 revenue guidance of $664‑$665 million, below analyst expectations.
Cloudflare announced a shift to an “agentic AI‑first” model, cutting ~1,100 jobs and incurring $140‑$150 million restructuring charges.
FY2026 guidance raised to $2.805‑$2.813 billion revenue and $1.19‑$1.20 EPS, both above consensus estimates.