Kessler Topaz Meltzer & Check, LLP is currently investigating potential violations of the federal securities laws on behalf of purchasers of Cloudflare, Inc. (NYSE: NET) securities.
On April 27, 2023, Cloudflare issued a press release announcing its financial results for the first quarter of 2023 and providing its financial outlook for the second quarter and full fiscal year 2023. Among other things, Cloudflare advised that for its second quarter, the company expects revenue in the range of $305 million to $306 million, significantly lower than the nearly $320 million in sales forecast by analysts. Similarly, Cloudflare revealed that it cut its full-year revenue outlook to between $1.28 billion and $1.284 billion, after earlier estimating sales to be in a range of $1.33 billion to $1.34 billion. Following this news, Cloudflare's stock price fell sharply during intraday trading, to close at $47.05 on April 28, 2023.
If you have any questions or would like to discuss this investigation, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com.