- Fastly fell below $US90 ($116) 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 ($0) to $US0.13 ($0) per share for the current quarter.
- Fastly’s fourth-quarter adjusted loss of $US0.09 ($0) per share was better than Wall Street’s prediction of a loss of $US0.10 ($0).
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Fastly stock tumbled 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 ($0) to $US0.13 ($0) per share compared with expectations of a loss of $US0.09 ($0) per share, according to Yahoo Finance.
It projected a full-year 2021 adjusted loss of $US0.35 ($0) to $US0.44 ($1) per share compared with the average analyst estimate of a loss of $US0.21 ($0) per share.
Shares of Fastly dropped 14% to an intraday low of $US82 ($105), with the move wiping out its gain for the year. Over the past 12 months, the stock nearly quadrupled in value.
The company, whose products speed websites and applications, said its fourth-quarter net loss was $US0.40 ($1) per share, wider than its loss of $US0.15 ($0) per share a year earlier.
Fastly’s adjusted loss for the quarter came in at $US0.09 ($0), narrower than Wall Street’s loss projection of $US0.11 ($0). A year ago, it lost $US0.10 ($0) per share.
Revenue for the fourth quarter was $US82 ($105).6 million, stepping up from $US58.9 ($76) million in the same period last year and higher than the $US82 ($105) million Wall Street had expected.
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