• Cloudflare (NYSE: NET) launched Cloudflare R2 Storage for developers to store everything they need with automatic data migration from S3-compatible services to make switching easy.

• Cloudflare R2 Storage, designed for the edge, will offer the ability to store large amounts of data while slashing the egress bandwidth fees associated with cloud provider storage to zero intensifying rivalries with Amazon.com Inc's (NASDAQ: AMZN) Amazon Web Services.

• Since AWS launched S3, cloud storage has attracted and then locked in developers with exorbitant egress fees," Cloudflare CEO Matthew Prince said. "We want developers to keep developing, not worrying about their storage bill. Our aim is to make R2 Storage the least expensive, most reliable option for storing data, with no egress charges."

• Price Action: NET shares traded lower by 6.96% at $114.26 on the last check Tuesday.

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