Cloudflare Trading Volume Drops 21.98% to $1.067 Billion Despite Stock Price Rise

On June 13, 2025, Cloudflare (NET) experienced a trading volume of $1.067 billion, marking a 21.98% decrease from the previous day. Despite this, the stock price rose by 0.68%.

Cloudflare, Inc. recently announced a significant financial move, pricing $1.75 billion in convertible senior notes due in 2030. This private offering is aimed at institutional buyers and includes an option for initial purchasers to buy an additional $250 million in notes to cover over-allotments. The settlement of the notes sale is expected to occur on June 17, 2025, subject to customary closing conditions, resulting in approximately $1.72 billion in net proceeds.

Cloudflare plans to use a portion of the net proceeds, approximately $248 million, to cover the cost of capped call transactions. The remaining funds will be allocated for general corporate purposes, including working capital, capital expenditures, repayment of outstanding indebtedness, and potential acquisitions and strategic transactions. As of March 31, 2025, Cloudflare held $1.91 billion in cash and equivalents.

The company reported first-quarter revenue of $479.09 million, a 27% increase compared to estimates. Adjusted earnings per share (EPS) were 16 cents, slightly below the estimated 17 cents. For the second quarter, Cloudflare expects revenue between $500 million and $501 million, with adjusted earnings of 18 cents, compared to estimates of $500.34 million and 19 cents, respectively.