- Fastly stock fell below $US90 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 $US0.09 to $US0.13 per share for the current quarter.
- Fastly’s fourth quarter adjusted loss of $US0.09 per share was better than Wall Street’s prediction of a loss of $US0.10.
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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 $US0.09 to $US0.13 per share compared with expectations of a loss of $US0.09 per share, according to Yahoo Finance.
It projected a full-year 2021 adjusted loss of $US0.35 to $US0.44 per share compared with the average analyst estimate of a loss of $US0.21 per share.
Shares of Fastly dropped 6% to $US89.09 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 $US0.40 per share, wider than its loss of $US0.15 per share a year earlier.
Fastly’s adjusted loss for the quarter came in at $US0.09, narrower than Wall Street’s loss projection of $US0.11. A year ago, it lost $US0.10 per share.
Revenue for the fourth quarter was $US82.6 million, stepping up from $US58.9 million in the same period last year and higher than the $US82 million Wall Street had expected.
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