Fastly Inc. (FSLY) shares plummeted 19.58% in after-hours on Wednesday, August 04, 2021, and closed the daily trading at $35.82. earlier in the regular trading on Wednesday, FSLY’s stock lost 3.66%. FSLY shares have fallen 61.66% over the last 12 months, and they have moved down 11.54% in the past week. Over the past three months, the stock has lost 23.29%, while over the past six months, it has plunged 59.45%.
Let’s have a look at its recent news and developments.
FSLY recent financial results announcement
On August 4, 2021, Fastly, Inc. (FSLY) reported its financial results for the second quarter of 2021.
Q2 2021 financial highlights
- FSLY reported revenue of $85.1 million for Q2 2021 compared to $75 million in Q2 2020.
- GAAP gross margin was 52.6% in Q2 2021 compared to 60.2% in Q2 2020.
- The total operating expenses were $102 million in Q2 2021, compared to $59 million in Q2 2020.
- It suffered a net loss of $58 million, or a $0.51 loss per basic and diluted shares in Q2 2021, compared
- to $14 million or a $0.14 loss per basic and diluted shares in Q2 2020.
- Cash used in operations was $17 million in Q2 2021in the quarter, compared to $9 million in Q2 2020.
- As of June 30, 2021, the company had $1.1 billion in cash, restricted cash, and investments, including those classified as long-term.
Updated financial guidance for FY and Q3 2021
for Q3 2021, FSLY is expecting
- Revenue in the range of 82 to 85 million
- Non-GAAP operating loss in the range of negative 23 to negative 19 million
- Non-GAAP net loss per share in the range of negative $0.21 to negative $0.18.
For FY 2021, Fastly is expecting
- Revenue in the range of 340 million to 350 million
- Non-GAAP operating loss in the range of negative 75 to negative 65 million
- Non-GAAP net loss per share in the range of negative $0.65 to negative $0.57, from negative $0.21 to negative $0.18.
FSLY achieved a critical milestone
On July 28, 2021, Fastly, Inc. (FSLY) announced the beta availability of the Signal Sciences agent on the Fastly edge cloud platform. This represents a critical milestone toward Fastly’s vision of empowering developers to protect apps and APIs in every environment cloud, on-premise, hybrid, and now at the network edge. With this integration, customers will be able to leverage the powerful signal technology to write and push out rules in real-time to track suspicious requests and block attacks sooner.
Conclusion
The recent financial results missed the analyst’s revenue estimates which resulted in plummeting of FSLY stock on Wednesday. There was another reason behind its loss as the company revealed yesterday that in June, its network faced a global outage affecting nearly all customers and it resulted in the loss of many customers.
