Fastly, Inc. (FSLY), a cloud computing services provider, saw its stock plunge 15.89% in after-hours trading on Wednesday, following the release of its fourth-quarter 2024 earnings results.
The company reported a net loss of $32.9 million, or $0.23 per share, for the quarter, missing analysts' expectations. While revenue of $140.6 million came in slightly above estimates, it was not enough to offset the disappointment over the wider-than-expected loss.
Analysts had anticipated a slowing growth trajectory for Fastly, citing intensifying competition in the content delivery network (CDN) space. However, the extent of the company's struggles in managing costs appears to have caught the market off guard, leading to the sharp sell-off in the after-hours session.
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