Cloudflare Inc. shares were tanking more than 20% in Thursday's after-hours action after the company cut its forecast for the full year, citing a"material lengthening" of its sales cycle that's expected to weigh on results. The cloud-services company now expects $1.280 billion to $1.284 billion in full-year revenue, whereas Cloudflare's prior outlook was for $1.330 billion to $1.342 billion in revenue. The FactSet consensus was for $1.335 billion.
"Increasing macroeconomic uncertainty over the course of the first quarter resulted in a material lengthening of sales cycles and a significant backend-weighting of linearity," Chief Financial Officer Thomas Seifert said in a release."Despite the continued reacceleration of our new pipeline generation and our sustained high win rates and renewal rates during the first quarter, our guidance assumes these external headwinds will persist through the end of the fiscal year.
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