Cloudflare logs worst day since 2019 IPO as deals take longer to close, sending stock down 21%

Longer-than-expected sales cycles brought on by economic uncertainty made worse by recent bank failures were key to Cloudflare Inc.’s first poor report as a public company, and the stock paid dearly for it.

Cloudflare NET shares closed down 21% at $47.05, their worst one-day drop since going public back in October 2019, topping their previous worst day of a 18.4% drop this past November. The company’s stock isn’t immune to volatility. Last quarter, Cloudflare shares popped after the company’s results cleared the bar set the…