On August 7, Cloudflare, Inc. rose 16.72% overnight, trading at $332.0/share, with turnover of $41,000. The surge was triggered by the company's Q2 earnings report released after hours, which significantly exceeded market expectations across all key metrics.

Specifically, Cloudflare reported Q2 adjusted EPS of $0.29, beating the analyst consensus of $0.27 by 7.41% and representing a 38.1% increase from $0.21 in the year-ago quarter. Revenue came in at $696.1 million, well above the FactSet estimate of $664.7 million, reflecting 35.8% year-over-year growth. The company also raised its full-year guidance, now expecting adjusted EPS of $1.25-$1.26 on revenue of $2.86-$2.87 billion, up from prior expectations of $1.19-$1.20 EPS and $2.805-$2.813 billion revenue. For Q3, Cloudflare guided adjusted EPS of $0.34 on revenue of $736-$737 million, also above consensus estimates of $0.32 EPS and $721.3 million revenue. The rapid expansion of AI agents driving increased network traffic was cited as a key growth catalyst for the company's cloud security business.

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