Fastly (NYSE: FSLY ) stock is falling on Thursday following the release of its earnings report for the first quarter of 2024. Weighing on FSLY stock today is the cloud platform company's outlook in this report.
Shares in cloud-based content delivery network (CDN) Fastly Inc (NYSE:FSLY) fell out of favor after delivering an underwhelming first-quarter trading update.
Fastly's shares dropped 30% after submitting a weak revenue forecast for Q2'24. Despite the soft Q2 outlook, FSLY showed strong Q1 performance with a growing customer base and increasing margins. The market overreacted to the revenue forecast, in my opinion, creating an entry opportunity for contrarian investors.
Fastly, Inc. (NYSE:FSLY ) Q1 2024 Earnings Conference Call May 1, 2024 4:30 PM ET Company Participants Vernon Essi - Investor Relations Todd Nightingale - CEO & Director Ronald Kisling - CFO Conference Call Participants Rishi Jaluria - RBC Capital Markets Frank Louthan - Raymond James Financial Madeline Brooks - Bank of America Merrill Lynch James Fish - Piper Sandler & Co. Tim Horan - Oppenhei...
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