A logo of Cloudflare sits outside the company's house on the opening day of the 55th annual meeting of the World Economic Forum in Davos, Switzerland, Jan. 20, 2025. Yves Herman | Reuters Cloudflare reported first-quarter earnings Thursday that beat analysts' expectations, but shares fell 18% in extended trading as the company announced a 20% reduction in its workforce. Here's how the cloud company did versus LSEG estimates: Earnings per share: 25 cents vs. 23 cents expected Revenue: $640 million vs. $622 million expected In a blog post, the company announced that it is cutting over 1,100 employees , writing that agentic artificial intelligence has "fundamentally changed" the company's work.…