Cloudflare, Inc. (NET) shares are experiencing a surge on Thursday, fueled by the company’s appointment of a new president of product and engineering. Cloudflare has tapped Chirantan “CJ” Desai, former President and Chief Operating Officer at ServiceNow, to lead its product and engineering teams. This appointment is seen as a strategic move to propel the company towards its ambitious goal of achieving $5 billion in annual recurring revenue.
Desai brings a wealth of experience to Cloudflare, having successfully managed products, platforms, design, AI research, engineering, customer support, and cloud infrastructure operations at ServiceNow. Cloudflare’s co-founder and CEO, Matthew Prince, expressed confidence in Desai’s ability to drive innovation, operational excellence, and customer-centric growth. He highlighted that Cloudflare has attracted top talent in recent months, demonstrating its potential as a leading technology company.
Cloudflare’s growth ambitions are further solidified by its recent acquisition of Kivera, a cloud security, data protection, and compliance platform. This strategic acquisition will allow Cloudflare to enhance its cloud security offerings by integrating Kivera’s technology with its Cloudflare One platform. This integration will enable Cloudflare to embed preventive controls directly into cloud deployments, proactively mitigating risks before they materialize.
The company is scheduled to release its third-quarter earnings on November 7, 2024. Investors looking to gain exposure to Cloudflare can consider ETFs like Spear Alpha ETF SPRX and TrueShares Technology, AI & Deep Learning ETF LRNZ.
NET shares surged 9.21% to $92.77 at the last check on Thursday, reflecting investor optimism about the company’s growth trajectory and strategic direction.
