Cloudflare reported third-quarter revenue of $782.5 million on November 5, up 39% year over year, its fastest growth in nearly four years. Annualized revenue crossed $3 billion for the first time, and non-GAAP operating income reached $137.1 million, or 17.5% of revenue, up from $85.9 million a year earlier.
The company raised its full-year revenue guidance to about $2.963 billion, from $2.864-$2.870 billion previously, its third increase this year. For the fourth quarter it expects revenue of $845-$846 million. Free cash flow was $82.1 million, or 10% of revenue, below last year's 13%.
Current remaining performance obligations grew 37%. Christian Smith was named President of Revenue, succeeding Mark Anderson, who retires from the role at year-end and stays on as an adviser.