2023-08-03 12:23:05 ET
Fastly ( NYSE: FSLY ) shares surged more than 19% on Thursday after the cloud computing services provider reported second-quarter results that topped estimates and raised its full-year guidance, resulting in praise from Wall Street.
For the period ending June 30, Fastly ( FSLY ) lost an adjusted 4 cents per share as revenue rose 19.8% year-over-year to $122.8M. Analysts were expecting the company to lose 10 cents per share on $118.11M in revenue.
It ended the period with 3,07 customers, down 28 from the first quarter, but 551 of those customers were high-spending enterprise customers, as it added 11 during the period.
On average, enterprise customers spent $818,000 in the second-quarter, up 3% sequentially.
Several Wall Street analysts praised the results, including KeyBanc Capital Markets analyst Tom Blakey, who said the results were solid and the company looks "well positioned to gain share in content delivery."
Piper Sandler analyst Jim Fish, who has a neutral rating on Fastly ( FSLY ), said the turnaround from the new management team is going "fairly smoothly" and there are a number of initiatives the company is undertaking over the next 12-18 months that can drive growth.
Looking ahead, Fastly ( FSLY ) sees third-quarter sales between $125M and $128M, above the $127.06M consensus estimate at the mid-point.
The company also boosted its full-year revenue outlook, as it now sees sales coming in between $500M and $510M, up from a prior range of $495M to $505M.
In addition to the quarterly results and guidance, Fastly ( FSLY ) filed a mixed securities shelf offering made up of common and preferred stock, debt and warrants.
More on Fastly
For further details see:
Fastly surges as analysts praise execution; company files mixed shelf offering