Shares of Fastly, Inc. (NYSE: FSLY) surged by 6.98% on November 6, 2024, as the cloud software developer reported better-than-expected third-quarter results and raised its full-year guidance, fueling optimism about the company's growth prospects.

For the third quarter ended September 2024, Fastly reported adjusted earnings per share of $0.02, significantly exceeding the Zacks Consensus Estimate of a loss of $0.06 per share. The company's revenue also came in at $137.21 million, surpassing the consensus estimate of $131.88 million and representing a 7.35% year-over-year increase.

Fastly's strong performance was driven by robust demand for its content delivery network (CDN) and cloud security services. The company highlighted record non-GAAP revenue from its enterprise customers, indicating a growing adoption of its offerings among businesses seeking to enhance their digital experiences and secure their online presence.

Encouraged by the solid third-quarter results, Fastly raised its full-year 2024 revenue guidance to a range of $539 million to $543 million, up from the previous range of $530 million to $540 million. This revised outlook exceeded the consensus estimate of $535.02 million, further boosting investor confidence in the company's growth trajectory.