Cloudflare to cut about 20% of staff, restructuring operations around AI

Odaily reports: Cloudflare announced it will cut approximately 20% of its workforce, eliminating over 1,100 jobs globally, as it restructures its business around the application of AI tools. The company expects to incur restructuring charges of $140 million to $150 million in the second quarter, with revenue projected at $664 million to $665 million. Cloudflare posted first-quarter revenue of $639.8 million and adjusted earnings of $0.25 per share.

Cloudflare shares fell about 19% in after-hours trading.