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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. It expects Q2 EPS to range from -10 cents to -6 cents alongside revenue between $130 million and $134 million. For comparison, Wall Street’s Q2 estimates include EPS of -2 cents on $140.16 million in revenue.
Also not helping matters is Fastly’s guidance for 2024. The company is expecting EPS ranging from -12 cents to -6 cents with revenue being between $555 million and $565 million. To put that in perspective, analysts’ estimates include EPS of -3 cents and revenue of $584.59 million for the year.
Fastly CEO Todd Nightingale said the following in the earnings report.
“I am pleased with the first quarter operating performance, posting non-GAAP operating loss above our guidance and positive cash flow from operations. But, we’re not satisfied with our revenue growth outlook.”
FSLY Stock Falls on Q1 Results
The Q1 earnings report from Fastly is mixed with it reporting EPS of -5 cents on revenue of $133.52 million. That has EPS beating Wall Street estimate of -6 cents while its revenue lags behind analysts’ estimate of $133.87 million.
FSLY stock is down 36.2% as of Thursday morning. That builds on a 26.1% drop year-to-date when markets closed yesterday.
There are plenty more stock market stories that traders will want to read about today!
We have all of that news ready to go with our coverage of the stock market for Thursday! A few examples include what has shares of Carvana (NYSE:CVNA) and Emergent BioSolutions (NYSE:EBS) stock up today as well as the biggest pre-market stock movers this morning. All of that news is available at the links below!
More Thursday Stock Market News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
