Cloudflare Announces Workforce Reduction and AI Strategy Shift Amid Earnings Report
Cloudflare reported first-quarter earnings that beat expectations, but its stock fell 18% in after-hours trading following the announcement of a 20% workforce reduction. The company cited the adoption of agentic AI as a key driver for the cuts, which affect over 1,100 employees globally.
Tickers: $NET
Topics: AI Earnings Layoffs Stock Movement