Cloudflare, Inc. (NYSE: NET) shares gained more than 10% during Thursday's extended trading session after the company reported better-than-expected second-quarter results and raised guidance for full-year 2024. The connectivity cloud services provider's second-quarter revenues and earnings marked significant year-over-year improvement as well. Cloudflare reported non-GAAP earnings of 20 cents per share, which beat the Zacks Consensus Estimate of 14 cents. The bottom line also witnessed a robust surge of 100% from the year-ago quarter's level of 10 cents. NET's second-quarter revenues of $401 million outpaced the consensus estimate of $394 million. The top line grew 30% from the year-ago reported figure of $308.5 million. The robust top-line growth was aided by client wins and growing momentum among large enterprise customers, driven by the heightened need for stronger security and a zero-trust approach. Cloudflare, Inc. Price, Consensus and EPS Surprise Cloudflare, Inc. price-consensus-eps-surprise-chart | Cloudflare, Inc. Quote Key Metrics The company's strong performance reflects its sustained focus on product innovation, a shift in its business model to subscription-based services, product development and continued investments in infrastructure expansion. Region-wise, the United States accounted for 51% of NET's total revenues, while revenues from outside the United States made up the remaining 49%. Cloudflare continued to win multiple customers in the first quarter. Its net dollar-based retention rate was 112%. The company had 210,200 paying customers during the first quarter. ...