Why Cloudflare Shares Are Rising Today

Cloudflare, Inc. NET shares are trading higher on Friday.

The company said it is pushing forward with aggressive investment plans in the Middle East, bolstering its regional strength.

In the fourth quarter of 2023, Cloudflare saw Internet usage in the Middle East grow by more than 20%, while cyber threats increased 31% from the previous quarter. 

The investment encompasses a fresh office in Dubai Internet City, along with expanding teams dedicated to partner enablement, innovation, and customer success. 

Beginning its Middle East venture in 2015, the company strategically positions its infrastructure nearer to regional users, concurrently reinforcing its team, partnerships, and operations.

Nearly two years ago, Cloudflare unveiled its inaugural office in the Middle East. Led by Bashar Bashaireh, the Dubai-based team spearheads regional growth.

“Countries like the UAE and Saudi Arabia rank among the highest worldwide when it comes to access to the Internet, making the region a powerful source of growth and innovation,” said Michelle Zatlyn, Co-founder, President, & COO of Cloudflare. 

“In Q4 2023, Cloudflare blocked an average of 9.5 billion cyber threats in the region per day – another example of the important role we play in protecting the Internet worldwide,” Zatlyn added.

Read Next: What’s Going On With Victoria’s Secret Stock Today?

Price Action: NET shares are trading higher by 2.15% to $102.92 on the last check Friday.