Fastly shares sink 30% on weaker guidance

By Denny Jacob

Fastly shares (FSLY) dived 30% in afterhours trading following guidance for the second-quarter and 2024.

Shares were trading around $9.05. The stock is down 27% on the year through Wednesday's close.

The company, which provides real-time content delivery network services, forecast second-quarter revenue between $130 million and $134 million as well adjusted loss per-share between 6 cents and 10 cents. Analysts polled by FactSet expected $140.4 million in revenue and an adjusted loss of 2 cents a share.

For 2024, Fastly guided for revenue between $555 million and $565 million as well adjusted loss per-share between 6 cents and 12 cents. Analysts polled by FactSet expected $584.7 million in revenue and an adjusted loss of 4 cents a share.

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05-01-24 1802ET

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