Kind of. It's undervalued in the sense that it's a growing business that will probably track "the growth of the internet" (so, will continue growing for a long, long time).
It's not undervalued in that quarterly revenue are $152.4 million, on a market cap of $35 billion dollars, for a staggering multiple of 57 times revenue.
By earnings I take it you mean revenue or sales, based on the rest of the text about the revenue multiple. Typically earnings refers to profit in one form or another (often it means after-tax profit, sometimes operating profit).
Cloudflare of course has no earnings. Their operating loss last quarter was $28.8 million. Their operating loss for the past four quarters was $106 million.
Wow, that pricing and the amount of hype around the co really makes me want to short it, looks very asymmetric (good case already priced in with a huuuge range of possible outcomes). Not gonna do it though, learned my lesson with Tesla, there is always a better than best case waiting to get priced in.
It's not undervalued in that quarterly revenue are $152.4 million, on a market cap of $35 billion dollars, for a staggering multiple of 57 times revenue.
Edit: Had quarterly earnings instead of revenue.