** Shares of cloud services firm Cloudflare NET.N down 16.6% at $214 premarket

** Co says it is laying off about 20% of employees globally, cutting more than 1,100 jobs

** Co sees Q2 revenue between $664 mln to $665 mln, slightly below analysts' est. of $665.3 mln - data compiled by LSEG

** Also posts Q1 revenue of $639.8 mln, beating estimates of $621.9 mln, Q1 adjusted EPS of 25 cents, above estimates of 23 cents

** As of last close, NET stock up 26.09% YTD