Why Cloudflare Stock Soared on Monday
What happened
Shares of cloud computing company Cloudflare (NYSE: NET) jumped on Monday, rising as much as 19.3%. As of 12:00 p.m. EDT, the stock was up about 15%.
The growth stock's gain follows Cloudflare's announcement of Cloudflare One, a network-as-a-service solution for cloud-based security, performance, and control through a single user interface.
Image source: Getty Images.
So what
Cloudflare One "replaces a patchwork of appliances and WAN technologies with a single network," the company said in a blog post on Monday morning.
The new product notably integrates with major providers of identity management and device-security solutions. Some of the notable providers in the Cloudflare One partnership ecosystem include Okta, Alphabet's Google Workspace, Facebook, VMWare's Carbon Black, and more.
Now what
Cloudflare One is available as of today, the company said. But new features and products will be launching throughout the course of the week.
"It's going to be a busy week, but we're just getting started," said Cloudflare CEO Matthew Prince in a blog post.
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