Fastly, Inc., a technology company, shared its first-quarter financial results, revealing a quarterly sales figure of $133.52 million, which exceeded the analyst consensus estimate of $133.1 million. This sales figure marked a 13.57% increase over the sales reported during the same period last year, which were $117.56 million. Additionally, the company reported quarterly losses of 5 cents per share, outperforming the analyst consensus estimate of losses of 6 cents by 16.67%.
In terms of customer count, Fastly noted that it had a total of 3,290 customers in the first quarter, showing an increase of 47 from the previous quarter. Among these customers, the enterprise segment totaled 577, which was down by 1 from the fourth quarter of 2023. Todd Nightingale, CEO of Fastly, expressed satisfaction with the first quarter operating performance, highlighting a non-GAAP operating loss that exceeded their guidance and positive cash flow from operations. However, Nightingale also mentioned the company's dissatisfaction with its revenue growth outlook, indicating areas for improvement.
Looking ahead, Fastly provided its outlook for the second quarter, expecting losses between 6 cents and 10 cents per share, compared to the losses of 2 cents per share estimate. The company also projected second-quarter revenue to fall within a range of $130 and $134 million, different from the $140.16 million analyst estimate. For the full year 2024, Fastly anticipates losses ranging from 6 cents to 12 cents per share, as opposed to the loss of 3 cents estimate, and full-year revenue in the range of $555 million to $565 million, differing from the $584.59 million estimate.
After the earnings report, Fastly's stock price experienced a decline, with shares down 29.85% in after-hours trading at $0.07 at the time of the report's publication on Wednesday.