Fastly Shares Drop 18% Following Q1 Results & CEO’s Resignation Announcement

Fastly, Inc. (NYSE:FSLY) shares dropped around 18% on Thursday following the company’s Q1 results, as well as the announced resignation of CEO and Director Joshua Bixby.

Quarterly EPS came in at ($0.15), worse than the Street estimate of ($0.14), while revenue of $102.4 million (up 21% year-over-year) beat the consensus estimate of $98.96 million.

Analysts at RBC Capital view the resignation of Joshua Bixby as a negative sign, especially for a company that already has a lot of work to do to regain credibility with investors.

The company expects Q2/22 EPS in the range of ($0.18)-($0.15), worse than the consensus of ($0.14), and revenue in the range of $99-102 million, compared to the consensus of $99.5 million.

For the full 2022-year, the company expects EPS of ($0.60)-($0.50), compared to the consensus of ($0.55), and revenue of $405-415 million, compared to the consensus of $407.2 million.


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