Cloudflare beat earnings, cut 1,100 jobs because AI agents do the work now, and lost a quarter of its stock price in a day

Cloudflare posted record-high first-quarter revenue, up roughly 34% year-over-year to about $640 million, while its net income fell more than 13% after hours. The company said AI agents rendered about 1,100 positions obsolete, prompting a workforce reduction of that size. In the same session, its shares slumped roughly a quarter in a single day.

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