TradingKey – Cloudflare (NET) releases its second quarter results on Thursday, August 6. The market considers a beat a near certainty for a good reason. There are a lot of expected beat for Cloudflare lately. This is reflected in the prediction markets. One example is this beat will have ~86% chance of occurring. There is, however, some complexity from a stock perspective. Cloudflare closed near a record $300 this week. The stock has risen significantly above most analyst price targets. The stock itself will show a beat is already baked into the price if we are expecting a beat from Cloudflare. As we wait for earnings, the bar will always set near a beat.