Fastly stock declines following outlook, new CEO

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Fastly Inc. FSLY,
+7.31%
Shares declined in the extended session Wednesday after the cloud-software company forecast a weaker-than-expected outlook and announced a new chief executive. Fastly shares declined 4% after hours, following a 7.3% rise in the regular session to close at $13.21. The company reported a second-quarter loss of $69 million, or 14 cents a share, compared with a loss of $57.5 million, or 51 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were 23 cents a share, compared with 15 cents a share in the year-ago period. Revenue rose to $102.5 million from $85 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of 17 cents a share on revenue of $101.3 million. Fastly forecast a loss of 18 cents to 15 cents a share on revenue of $102 million to $105 million for the third quarter, and a loss of 68 cents to 63 cents a share on revenue of $415 million to $425 million for the year. Analysts had estimated a loss of 14 cents a share on revenue of $100.5 million for the third quarter, and a loss of 56 cents a share on revenue of $410 million for the year. Fastly also named Todd Nightingale as its chief executive effective Sept. 1. Back in May, the company started looking for a new CEO.

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Credit: www.marketwatch.com /

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