High-flyer Fastly plunges 21% despite earnings beat after CEO reveals TikTok is its largest customer
Fastly's results may have not been strong enough to impress investors, who have already bid up the company's shares 443% year-to-date as of Thursday's close.Adjusted earnings per share:Revenue grew 62% year-over-year, and the company raised its full-year revenue guidance by $10 million, from a range of $280 million to $290 million, to a range of $290 million to $300 million. That compares to analyst estimates of $285.7 million.
Additionally, Fastly said it now expects full-year earnings per share losses in a range of -1 cent to -6 cents, versus its previous expected loss of between -8 cents and -15 cents. Fastly reported the largest quarterly growth for customer count since its initial public offering. The firm now has 1,951 customers, up from 1,837 in the prior quarter.
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