Aside from that, Cloudflare is growing revenue not just overall but also on a per-customer basis, due to the expansion of products.

Once Cloudflare releases products that allow it to more directly compete with AWS, it'll be repriced by investors. They've already stated that this is their goal. They're missing a compute product and a real database or KV store solution to be at the bare minimum. I think we'll see both, and at least one will happen in the near future.

Cutting infra costs is not easy, especially when the costs of lapsing security spend are so high (how much did Equifax lose on reputational damage + cleanup work?).

($NET shareholder)

?? Poisonous sandbox?

Is this an awkward way of referring to money printing? Or the low interest rate environment?

If you want to continue the sandbox metaphor, which I do like, "playing in the Fed's sandbox until the bottom fell out" might work. Or even "toxic sandbox".

In my experience that is not a correct statement for the target demographics.

poisonous (adj.)

[...]

2. (figuratively) Negative, harmful.

Synonym: toxic

Poisons are something you do to yourself (usually by ingestion), venoms are injected by the other organism (such as a snake bite).

The Caddyshack Baby Ruth scene seems apropos.

Fed Floaters. Everybody out! Pool's closed.

All toxic substances are poisonous. A toxin is a poison produced by a living cell or organism.

Poisonous Sandbox was elegantly simple, pithy even, and quite appropriate.

"Toxin" is a newer invention, derived from "toxic" by adding the biochemistry-related suffix "-in" to indicate toxic substances of biological origin.

What indicates a coming tightening of hiring soon?

But cloudflare is also pretty cheap for many things, so that may bring in some more money from people downsizing from something like akamai, could it not?

(I'm no expert just speculating)

I know it's down a lot but I'm asking because it started from such a loft valuation I have no opinion on NET but a lot of the cloud bubble stocks of the last few years needed to come down by 95 percent IMO to get closer to intrinsic value. To do that they'd first drop 90 percent, then drop another 50 percent from that point. Hence I don't know which you meant.

A reasonable starting point might be where it was prior to Covid QE and rate reductions (-61%), add one company-specific shock due to missed growth expectations (-30%), maybe +20% for real growth experienced over Covid in the meantime, and that already leaves us with $6bn, before accounting for the effect of the fed beginning to unwind their balance sheet (which starts in June, initially at around 1% per month)

Incrementally buying at $18-$25 would definitely feel tempting in that scenario, assuming the fed delivered its claimed targets, and only with the understanding the IPO price should not be considered a floor.

This is all before considering the reality their product isn't much more than a commoditized fly on the windshield of bigger vendors, and it's easily possible to imagine a Lightsail-like competitor appearing in the meantime.