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Cloud services firm ​Cloudflare (NET.N) forecast quarterly revenue ‌below estimates on Thursday, and said ​it is laying ​off about 20%, or ⁠more than 1,100, ​employees globally.

Shares of ​the company fell more than 13% in extended ​trading.

The company expects second-quarter revenue ​between $664.0 and $665.0 million, compared with ‌estimates ⁠of $665.3 million, according to data compiled by LSEG.

The layoffs ​reflect ​a ⁠shift to an AI-driven operating ​model, CEO ​Matthew ⁠Prince and chief financial officer Michelle Zatlyn said in ⁠a ​statement.