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Why Fastly Stock Dropped Today

TheMotleyFool

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Why Fastly Stock Dropped TodayPhoto, wide shot, wide-angle lens, Artificial intelligence developer, sunset photo at golden hour, photo by Ansel Adams: https://img.midjourneyapi.xyz/temp/ee32e77c-b7d6-424b-91ea-4023f2292688.png

Shares of Fastly (NYSE: FSLY) have dropped today, down by 7% as of 12:30 p.m. EST, after the company reported fourth-quarter earnings results. The edge cloud platform is also switching CEOs.

Revenue in the fourth quarter increased 44% to $59 million, which was ahead of the consensus estimate of $54.8 million. That all translated into an adjusted loss per share of $0.10, slightly better than the $0.11 per share in adjusted losses that analysts were expecting. Dollar-based net expansion rate was 136% and Fastly now has 288 enterprise customers.

Image source: Getty Images.

Source Fool.com

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