Fastly Inc. (NYSE:FSLY) reported earnings of $0.02 per share, significantly beating the Zacks Consensus Estimate.
The company’s revenues reached $137.21 million for Q3 2024, exceeding expectations.
Fastly’s stock price has seen a rise to $8.16, indicating a positive market response to its financial performance.
Fastly Inc. (NYSE:FSLY) is a prominent player in the Internet – Software industry, known for its edge cloud platform that accelerates and secures websites and applications. The company competes with other tech firms in delivering fast and secure digital experiences. On November 7, 2024, James Fish from Piper Sandler set a price target of $8 for Fastly, indicating a potential price increase of approximately 5.77% from its then-current price of $7.56.
Fastly’s recent Q3 2024 earnings call, as highlighted by Seeking Alpha, provided valuable insights into its financial performance. The company reported earnings of $0.02 per share, significantly exceeding the Zacks Consensus Estimate of a loss of $0.06 per share. This marks a substantial improvement from the previous year’s loss of $0.06 per share, resulting in an impressive earnings surprise of 133.33%.
In addition to its earnings success, Fastly reported revenues of $137.21 million for the quarter ending September 2024, surpassing the Zacks Consensus Estimate by 4.06%. This is an increase from the $127.82 million in revenues reported in the same period last year. Over the past four quarters, Fastly has consistently outperformed consensus EPS estimates, achieving this feat four times, and has exceeded revenue estimates three times.
Currently, Fastly’s stock is priced at $8.16, reflecting a 6.39% rise with a $0.49 increase. The stock has fluctuated between a low of $7.86 and a high of $8.31 today. Over the past year, it has reached a high of $25.87 and a low of $5.52. Fastly’s market capitalization stands at approximately $1.13 billion, with a trading volume of 5,684,605 shares today.