(Corrects paragraph four to say Michelle Zatlyn is co-founder, not CFO)
May 7 (Reuters) – Cloud services firm Cloudflare forecast quarterly revenue below estimates on Thursday, and said it is laying off about 20%, or more than 1,100, employees globally.
Shares of the company fell more than 13% in extended trading.
The company expects second-quarter revenue between $664.0 and $665.0 million, compared with estimates of $665.3 million, according to data compiled by LSEG.
The layoffs reflect a shift to an AI-driven operating model, CEO Matthew Prince and co-founder Michelle Zatlyn said in a statement.
(Reporting by Anhata Rooprai in Bengaluru; Editing by Sahal Muhammed)
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