Stock quotes by finanzen.net. Fastly plummeted 31% on Thursday after it reported preliminary third quarter earnings results that missed analyst estimates. Fastly said it expects third quarter revenue in a range of $70 million to $71 million, well below its previous guidance of $73.5 million to $75.5 million. The statement cut revenue guidance for Q3, earnings … Despite today's drop, shares of Fastly are still up 331% based on Thursday's opening price.
But here's why 5G shouldn't be the only reason you upgrade. Fastly chalked up the revenue miss to an uncertain geopolitical environment, likely related to the pending Trump administration ban of its largest customer, TikTok. "The current global environment has in some ways fueled our business, but has also created areas of uncertainty," Fastly CEO Joshua Bixby said. All rights reserved. Y esterday afternoon, Fastly (FSLY) sent out a press release that caused the stock to plummet around thirty percent in just a few minutes. Further, Stifel noted that Fastly will face tough comparables heading into the next few quarters. Fastly, the cloud edge platform that helps improve the speed of websites and applications, plummeted as much as 31% on Thursday after it announced preliminary third quarter results that fell short of expectations. Following the news, analysts at Stifel downgraded Fastly to hold from buy, and lowered its price target to $77 from $98, representing potential downside of 15% from current levels. On top of that, during the latter part of the third quarter, "a few customers had lower usage than Fastly had estimated," the company said. "What is even more concerning is that Fastly is seeing slowing usage at several other larger customers, and we are curious if this related more so to competition vis-a-vis macro," Stifel said.
Disclaimer | Shares are up 37.2% since reporting last quarter. Earnings announcement* for FSLY: Nov 05, 2020 Fastly, Inc. is estimated to report earnings on 11/05/2020. », SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Shareholders of Fastly, Inc. of a Class Action Lawsuit and a Lead Plaintiff Deadline of October 26, 2020 - FSLY, 4 Top Stock Trades for Monday: PTON, PFE, FSLY, SPAQ, Here's Why Fastly Is Falling Even More on Friday, Nano Dimension among tech gainers; Fastly and ReneSola among losers, Why Subscriber Counts Matter for GoPro Stock, Don’t Buy Fastly Stock: TikTok’s Demand Will Not Bounce Back, INVESTOR ACTION ALERT: The Schall Law Firm Announces the Filing of a Class Action Lawsuit Against Fastly, Inc. and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm. Read More: UBS says investors need to diversify away from Big Tech - and shares 3 strategies that will them stay on top of the next phase of the market's recovery, Registration on or use of this site constitutes acceptance of our, Visit Business Insider's homepage for more stories, announced preliminary third quarter results, Chewy cofounder Ryan Cohen lays out the crucial skills he learned from Warren Buffett and his father, and explains why he's all-in on Apple, UBS says investors need to diversify away from Big Tech - and shares 3 strategies that will them stay on top of the next phase of the market's recovery, Nikola sheds 15% after CEO says it has plan to work without GM if deal falls apart », Apple touted 5G as one of the biggest features in its new iPhone 12 lineup. Stifel said it's "surprised usage has slowed so much," especially given that the TikTok app remains fully available in the US. Commerce Policy | © 2020 Insider Inc. and finanzen.net GmbH (Imprint). "Usage of Fastly's platform by its previously disclosed largest customer [TikTok] did not meet expectations, resulting in a corresponding significant reduction in revenue from this customer," Fastly said. Analysts expected Fastly to report third quarter revenue of $73.5 million. The Earnings Whisper Score gives the statistical odds for the stock ahead of earnings. The swift drop in shares of Fastly brought its stock price to levels not seen since late September. Made In NYC |
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