Fastly (NYSE:FSLY) earnings for the first quarter of fiscal 2021 came out on Wednesday evening and now have FSLY stock taking a beating on Thursday. This comes after reported revenue of $84.85 million was below Wall Street’s estimate of $85.12 million. Additionally, the company’s non-GAAP adjusted losses per share of 12 cents was worse than analysts’ expectation of an 11-cent loss.
On top of that, the company said GAAP losses per share were also 44 cents for the period.
Here’s what else is worth mentioning from the most recent Fastly earnings report:
- Adjusted per-share losses were 100% worse than 6 cents during Q1 2020.
- Revenue for the quarter comes in 35% higher year-over-year (YOY) compared to $62.92 million in Q1 2020.
- Operating loss of $49.96 million was far worse YOY than the prior-year loss of $11.98 million.
- The Fastly earnings report also includes a net loss of $50.68 million; that’s not great compared to a loss of $11.99 million from Q1 2020.
Wall Street reaction aside, CEO Joshua Bixby had this to say about the FSLY stock earnings:
“We had another outstanding quarter, delivering revenue of nearly $85 million, up 35% year-over-year […] Fastly is uniquely positioned to serve companies as they adjust to this new reality, by seamlessly combining delivery, edge computing, and security. We are more confident than ever in our ability to deliver on our edge cloud mission and will continue investing in it to position our company for future growth.”
The company also introduced some Q2 guidance in the earnings release. This included an expected revenue between $84 million and $87 million as well as non-GAAP losses per share between 16 cents and 19 cents. These predictions do not look great next to Wall Street’s expected revenue of $91.21 million and a 10-cent loss for the period.
FSLY stock was down about 26% as of Thursday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick Clarkson is a web editor at InvestorPlace.