Cloudflare reported first-quarter earnings Thursday that beat analysts' expectations, but shares fell 18% in extended trading as the company announced a 20% reduction in its workforce. Here's how the cloud company did versus LSEG estimates: In a blog post, the company announced that it is cutting over 1,100 employees , writing that agentic artificial intelligence has "fundamentally changed" the company's work. "This wasn't an easy decision, but it's the right decision," CEO Matthew Prince said