FSLY - Why Fastly Popped 19% This Week
2023-08-04 14:56:00 ET
Shares of Fastly (NYSE: FSLY) were up 19% this week as of 1:15 p.m. ET Friday, according to data provided by S&P Global Market Intelligence , after the edge-cloud platform leader delivered significantly stronger-than-expected, second-quarter results.
To be sure, the majority of Fastly's gains this week came after its Q2 report hit the wires on Wednesday evening. Quarterly revenue climbed 20% year over year to $122.8 million -- well above the high end of its own guidance and analysts' estimates for $118.8 million -- translating to an adjusted net loss of $0.04 per share, which was far better than the $0.10 per-share loss Wall Street was modeling.
"We continue to execute on our strategic initiatives to simplify our go-to-market, increase our innovation velocity, and drive a new operational rigor and cost control throughout our business," stated Fastly CEO Todd Nightingale. "All of this progress helps us drive our mission to make every user experience fast, safe, and engaging...fueling growth and delivering a strong financial result."
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Why Fastly Popped 19% This Week