Why Fastly Stock Was Soaring This Week
Among the numerous tech sector winners this earnings season has been edge computing company Fastly (NYSE: FSLY). Buoyed by encouraging quarterly results and subsequent analyst price target bumps, the company's stock was up by a muscular 30% week to date as of early Friday morning, according to data compiled by S&P Global Market Intelligence.Fastly posted its first-quarter figures just after market close on Wednesday, touting the fact that its revenue hit a record $144.5 million. This was an 8% improvement year over year, and also beat both its own guidance and the average analyst estimate of $138 million. Non-GAAP (adjusted) net loss deepened but not dramatically so, at $6.6 million against the year-ago deficit of $5.3 million. Image source: Getty Images.Continue reading
Among the numerous tech sector winners this earnings season has been edge computing company Fastly (NYSE: FSLY). Buoyed by encouraging quarterly results and subsequent analyst price target bumps, the company's stock was up by a muscular 30% week to date as of early Friday morning, according to data compiled by S&P Global Market Intelligence.
Fastly posted its first-quarter figures just after market close on Wednesday, touting the fact that its revenue hit a record $144.5 million. This was an 8% improvement year over year, and also beat both its own guidance and the average analyst estimate of $138 million. Non-GAAP (adjusted) net loss deepened but not dramatically so, at $6.6 million against the year-ago deficit of $5.3 million.
Image source: Getty Images.
