Fastly, Inc. (NYSE: FSLY), a company specializing to provide real-time content delivery network services, which offers edge cloud platform, edge software development kit (SDK), content delivery and image optimization, video and streaming, cloud security, load balancing, and managed CDN, announced their financial report for the first quarter of 2021 on its official website. FSLY stock plummeted immensely adjacent to the news.
At last check in premarket trading, shares of Fastly Inc. (FSLY) were down -18.07% at $47.57. FSLY stock closed last session at $58.06, decreasing -2.07% or -$1.23. Shares of the company fluctuated between $57.71 and $62.26 throughout the day. FSLY shares have risen by 155.32% over the last 12 months, and they have moved down by -14.34% in the past week.
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About First Quarter Financial Result
FSLY generated revenues of approximately $85 million, an increase of 35% year-on-year that exceeded estimates of $84.3 million. However, Fastly Inc announced a non-GAAP diluted net loss per share of $0.12 compared to a diluted net loss of $0.06 per share in the first quarter of the previous year.
Fastly, Inc. also anticipates to produce revenue of $84 million to $87 million in the second quarter and a non-GAAP net loss between the ballpark figure of $0.16 – $0.19 per share. Analysts were anticipating losses to reduce to $0.09 per share on revenue of $90.8 million in the second quarter.
In Full year of 2021, Fastly Inc expects to generate revenue between a range of $380 million to $390 million and exhibit a non-GAAP net loss between $0.35 and $0.44 per share. The company also announced that its CFO, Adriel Lares, had exited after half a decade of service. However, Lares will continue as CFO until FSLY until an adequate successor is found, after which Lares will stay with the Fastly Inc during the transitional phase.
Fastly’s CEO, Joshua Bixby said, “We had another outstanding quarter, delivering revenue of nearly $85 million, up 35% year-over-year. We are observing that many of the trends that emerged last year appear to have become permanent, even as the world begins to reopen”
FSLY anticipates unprecedented growth in 2H21, however, the company may focus on reducing expenses in the second quarter. Furthermore, FSLY has established initial momentum with Compute@edge, which produces FSLY a linchpin between cloud and end-users. The company has achieved a huge market share and has potential to skyrocket in the future.
Conclusion
FSLY did not offer a strong financial result, with the company announcing increasing net loss per share as compared to the previous quarters, reducing investor expectation from the company with FSLY stock plummeting immensely at last check.