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Cloudflare Q1 revenue up 34% but stock drops on job cuts plan

Cloudflare reports Q1 revenue of $639.8M, up 34% year on year, and plans to cut over 1,100 jobs as it shifts to an agentic AI-first operating model, sending shares down 13%.

May 7 · 23:30:00 · primary fetch1 sourceupdated May 7 · 23:30:00

Ignacio Gonzalez / Bloomberg: Cloudflare reports Q1 revenue up 34% YoY to $639.8M, plans to cut 1,100+ jobs as it shifts to an “agentic AI-first operating model”; NET drops 13%+ after hours — Cloudflare Inc.

plans to cut more than 1,100 jobs globally as it accelerates its shift to an agentic AI-first operating model.

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techmeme.comCloudflare reports Q1 revenue up 34% YoY to $639.8M, plans to cut 1,100+ jobs as it shifts to an "agentic AI-first operating model"; NET drops 13%+ after hours (Ignacio Gonzalez/Bloomberg)primary23:30:00