Fastly stock falls as quarterly loss widens and outlook misses Wall Street's expectations
- Fastly stock fell below $90 during premarket trade after its first quarter adjusted loss projections fell short of expectations.
- The content delivery network says it expects to post an adjusted loss of $0.09 to $0.13 per share for the current quarter.
- Fastly’s fourth quarter adjusted loss of $0.09 per share was better than Wall Street’s prediction of a loss of $0.10.
- Visit the Business section of Insider for more stories.
Fastly stock fell early Thursday after the content delivery network’s guidance missed Wall Street’s target while its net loss for the fourth quarter widened.
The company late Wednesday forecast a first-quarter adjusted loss of $0.09 to $0.13 per share compared with expectations of a loss of $0.09 per share, according to Yahoo Finance.
It projected a full-year 2021 adjusted loss of $0.35 to $0.44 per share compared with the average analyst estimate of a loss of $0.21 per share.
Shares of Fastly dropped 6% to $89.09 in heavy pre-market trading volume. The stock this year has gained about 9% while over the past 12 months it has nearly quadrupled in value.
The company, whose products speed websites and applications, said its fourth-quarter net loss was $0.40 per share, wider than its loss of $0.15 per share a year earlier.
Fastly’s adjusted loss for the quarter came in at $0.09, narrower than Wall Street’s loss projection of $0.11. A year ago, it lost $0.10 per share.
Revenue for the fourth quarter was $82.6 million, stepping up from $58.9 million in the same period last year and higher than the $82 million Wall Street had expected.
Source: Read Full Article