9/13/2019, 5:49 PM (Source: TeleTrader)
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Cloudflare debuts at $18, 20% higher than set share price

Cloudflare Inc. began its New York Stock Exchange debut slightly above $18 per share on Friday under the ticker NET, 20% higher than what the cloud-based network-security platform priced its shares. The San Francisco-based company set its share valuation at $15 yesterday, raising the target of $12 to $14 it aimed for earlier this week. Cloudflare offered 35 million shares, bringing the initial market valuation at $4.4 billion.

The tech company, which provides cloud-based network services to enterprises, reported a $36.8 million net loss on $129.2 million in revenue for the first half of 2019, with revenues up 48% and losses up 13% from the same period a year ago. It reported over 74,000 paying customers, among which IBM Corp. and Discord, as of the first half of 2019.

Cloudflare's shares jumped 27% to $19.04 at 5:56 pm ET.

Breaking the News / MD