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Cloudflare ( NET ) to cut 1,100 jobs amid shift to agentic AI-first operating model. (00:13) Upwork ( UPWK ) announces 24% reduction in total workforce. (01:42) IREN jumps 7%, inks five-year $3.4B AI cloud deal with Nvidia ( NVDA ). (02:35)

This is an abridged transcript.

Cloudflare ( NET ) is set to lay off more than 1,100 employees globally, or about 20% of its ‌workforce.

The company is ramping up its shift to an agentic AI-first operating model to boost efficiency and productivity.

The announcement came as Cloudflare ( NET ) posted better-than-expected Q1 results, although its shares sank 19% after hours on Thursday and are down 16% in premarket action.

"We are reimagining every internal process — from engineering to finance to sales — to run on an agentic AI backbone on our Workers platform," Cloudflare ( NET ) CEO Matthew Prince said in an earnings call.

"This is not a cost-cutting…