NET stock is up 4% today as Cloudflare Inc (NYSE:NET) unveiled its plans to clean up bad bots—and plant more trees in the process.
Cloudflare, an American web infrastructure and security company, today revealed its new plans to combat malicious web activity and help the environment at the same time. The company will launch a new “fight mode,” which will tackle malicious activity by forcing bots to solve a complex puzzle while maxing out the processing power of its server and driving up costs for the bot operator. NET shares are currently trading up at $20.70 following the announcement.
A key part of Cloudflare’s new strategy lies in cloud servers working overtime, which will consume more electricity and require more cooling and subsequently drive up carbon emissions. However, the company has also revealed a plan to offset this by planting 25 trees for each bot it successfully tackles. “By making bots do extra work we may be increasing carbon emissions from the usage and decided to offset through tree planting which will have a long term effect. In the long term, our goal is simple: ending malicious bots as a viable practice,” said CTO John Graham-Cunning.
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NET stock is quite a new addition to the New York Stock Exchange, having only gone public on the exchange on September 13. Cloudflare had initially set its price offering between $10 and $12; however, this was raised to $15 the day before the IPO in which the company offered 35 million shares of its Class A common stock. NET shares’ rising value since going public clearly shows a healthy demand for the cybersecurity stock.
The IPO saw Cloudflare generate $525 million in fresh funding, which the tech firm has clearly been putting to good use as seen by today’s announcement. NET stock has gained nearly 40% since going public, and investors will be hoping this stock continues to go from strength to strength.
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Featured Image: DepositPhotos © Jirsak
