Cloudflare (NYSE:NET) shares dropped more than 18% on Friday despite better-than-expected Q3 results and guidance. This may be a result of investors being concerned over the company providing operating metrics that hinted at moderating growth. The growth rate of paying customers slowed for the sixth quarter in a row. Q3 EPS was $0.06, better than the Street estimate of $0.00. Revenue came in at $253.9 million, beating the Street estimate of $250.63 million.

The company expects Q4/22 EPS to be in the range of $0.04-$0.05, compared to the Street estimate of $0.01, and revenue in the range of $273.5-274.5 million, compared to the Street estimate of $273.6 million.

For fiscal 2022, the company expects EPS in the range of $0.11-$0.12, compared to the Street estimate of $0.03, and revenue in the range of $974-975 million, compared to the Street estimate of $971.34 million.