Fastly's Reliance on Content Delivery vs. More Valuable Security and Compute Is a Challenge

The majority of Fastly’s operations consist of running a content delivery network, which we don’t think is a very attractive business. The company has a more modern architecture than traditional CDNs, but we think any advantage would shine through an ability to offer its service with lower costs or superior edge computing capabilities, and Fastly has not shown it can take advantage of either.