HomeTrending StocksHere is why Fastly Inc. (FSLY) stock soared on Wednesday?

Here is why Fastly Inc. (FSLY) stock soared on Wednesday?

Fastly Inc. (FSLY) shares soared 7.80% in after-hours on Wednesday, November 03, 2021, and closed the daily trading at $57.48. Even in regular trading, FSLY’s stock gained 8.11%. FSLY shares have fallen 22.65% over the last 12 months, and they have moved up 10.62% in the past week. Over the past three months, the stock has gained 33.53%, while over the past six months, it has declined 26.02%.

Let’s have a brief look at its recent news.


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FSLY recent financial results announcement

On November 03, 2021, Fastly, Inc. (FSLY), announced its financial results for the third quarter of 2021.

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Q3 2021 financial highlights

  • FSLY reported total revenue of $87 million in Q3 2021 compared to $70.64 million in Q3 2020.
  • In Q3 2021, GAAP gross margin was 52.4%, compared to 58.5% in Q3 2020.
  • Total operating expenses were $100 million in Q3 2021 compared to $65 million in Q3 2020.
  • It suffered a net loss of $56 million, or a $0.48 loss per basic and diluted shares in Q3 2021 compared to $24 million or a $0.22 loss per basic and diluted shares in Q3 2020.
  • As of September 30, 2021, the company had $1.1 billion in cash, restricted cash, and investments, including those classified as long-term.

Q4 & FY 2021 financial outlook

For Q4 2021, the company is expecting

  • Revenue in the range of $90 million to $93 million.
  • Non-GAAP operating loss in the range of $18 million to $15 million.

For FY 2021, the company is expecting

  • Revenue in the range of $347 million to $350 million.
  • Non-GAAP operating loss in the range of $60 million to $63 million.

FSLY new Board Members

On November 03, 2021, Fastly, Inc. (FSLY), appointed Vanessa Smith, Senior Vice President, Global Go-to-Market at ServiceNow and Richard Daniels, former Chief Information Officer of Kaiser Permanente, to its board of directors. Kelly Wright and Sunil Dhaliwal have also resigned after many years of service on Fastly’s board.

Recognition for FSLY Compute@Edge 

On October 27, 2021, Fastly, Inc. (FSLY) was named a Leader in The Forrester New Wave™: Edge Development Platforms, Q4 2021 report. Fastly’s Compute@Edge was given differentiated scores across six criteria. Fastly was also the only vendor to receive a differentiated rating in the security criterion, and believes this validates the strength of the company’s current serverless compute offering.

FSLY firewall (WAF) on Amazon AWS

On August 24, 2021, Fastly, Inc. (FSLY), announced the availability of its award-winning next-gen web application firewall (WAF) as both a private listing and public offer in the Amazon Web Services (AWS) Marketplace.

The businesses will get quick and efficient access its WAF through a unified billing and procurement process through the AWS marketplace.

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Conclusion

The recent financial results were the reason behind its exceptional performance on Wednesday. we can see it continuing its momentum on Thursday as well.

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