Cloudflare’s stock fell 23.62% on May 8 to $196.13 per share following the company’s first-quarter earnings release and announcement of approximately 1,100 layoffs. While Q1 revenue of $640 million exceeded expectations with 34% year-over-year growth, second-quarter revenue guidance of $664–$665 million fell short of the prior market expectation of $666 million. The layoffs, representing roughly 20% of the workforce, are part of the company’s transition to an “AI-agent-first operating model,” with estimated costs of $140–$150 million.
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