FSLY - Shares of Fastly Stock Collapsed 34% This Week -- Here's Why
2024-05-03 15:38:23 ET
Shares of Fastly (NYSE: FSLY) tumbled close to 35% this week, according to data from S&P Global Market Intelligence . The edge cloud computing platform posted more revenue growth in the first quarter of 2024 but can't seem to generate a profit, which is likely frustrating shareholders. As of Friday, May 3, the stock is off 93% from all-time highs set during the 2020 pandemic stock market bubble.
Here are the details on why Fastly stock was sinking yet again this week.
Fastly is an edge computing platform that also offers IT departments security and analytics services. Edge computing means cloud computing and hosting performed closer to the end customer, which theoretically improves loading times and customer experiences. With the recent boom in artificial intelligence (AI) spending, Fastly should have been a growth beneficiary in recent years.
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Shares of Fastly Stock Collapsed 34% This Week -- Here's Why