FSLY - Why Fastly Stock Crashed Today
2024-05-02 17:07:56 ET
Fastly (NYSE: FSLY) stock cratered in Thursday's trading. The content-delivery-network company's share price closed out the daily session down 32%, according to data from S&P Global Market Intelligence .
Fastly published its first-quarter report after the market closed on Wednesday, delivering mixed results. While the company's loss per share was lower than anticipated, its revenue came in lower than Wall Street's target. Making matters worse, the edge-computing specialist significantly lowered its full-year performance targets.
Fastly's revenue increased roughly 13.6% year over year to come in at $133.52 million in Q1, but this performance fell short of the average analyst estimate by $0.35 million. The business posted a non-GAAP (adjusted) loss of $0.05 per share in the quarter, beating the average Wall Street target by $0.01.
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Why Fastly Stock Crashed Today