Cloudflare CEO Matthew Prince. Photo by Noam Galai/Getty Images for TechCrunch, under Creative Commons license

Web infrastructure and security company Cloudflare has announced its financial results for the first quarter of 2020, indicating $91 million in revenue, up 48% compared to the same period last year. However, Cloudflare’s quarterly losses also increased, amounting to about $33 million compared to $17 million in the first quarter of last year. Demand for Cloudflare’s services has swelled in the middle of a coronavirus pandemic that has shifted many people to work primarily online. “I’m proud of the strong results for the quarter, and the role we are playing, as a guardian of the Internet, when the world needs it most,” Cloudflare CEO Matthew Prince touted in a press statement.

Cloudflare’s shares surged nearly 20% on Thursday ahead of the company’s earnings results. Now, with the release of the financial results, the company seems to have beaten expectations. For the second quarter of this year, Cloudflare is projecting revenue of between $93.5 million to $94.5 million but notes that its projections are “subject to substantial uncertainty” due to circumstances resulting from the coronavirus pandemic. For the entire year, Cloudflare is projecting revenue of between $389 million to $393 million.

Cloudflare’s earnings results notes of the company having $588 million in cash and cash equivalents.