Shares of Fastly, Inc. (FSLY) surged 5.88% on November 7, 2024, following the company's impressive third-quarter results and upbeat guidance for the year. The cloud computing services provider reported better-than-expected financial performance, fueled by strong revenue growth and improved profitability, triggering a wave of optimism among investors and analysts.

For the third quarter, Fastly reported revenue of $137.2 million, up 7% year-over-year, exceeding the high end of its guidance range. The company's revenue outside its top 10 customers grew a robust 20% year-over-year, indicating progress in diversifying its revenue sources and strengthening its business. Fastly added 343 new customers during the quarter, reflecting a 10% growth rate in its customer base.

Notably, Fastly reported a net profit of $2.4 million and a record adjusted EBITDA of $13.3 million, driven by higher revenue, improved gross margins, and cost-cutting benefits from its recent restructuring efforts. These strong financial results, coupled with the company's upbeat guidance for the fourth quarter and full year 2024, signaled Fastly's ability to navigate the challenging economic environment and achieve sustainable growth.