Shares of Fastly, Inc. (NYSE: FSLY) are soaring 5.23% in intraday trading on Wednesday, following the release of the company's impressive first-quarter earnings report. The edge cloud platform provider beat analyst expectations on both earnings per share and revenue, demonstrating strong growth and improved financial performance.
Fastly reported a quarterly adjusted loss of $0.05 per share, surpassing the analyst consensus estimate of a $0.06 loss by 16.67%. The company's revenue for the quarter came in at $144.47 million, beating the expected $138.01 million by 4.68% and representing an 8.20% increase from the same period last year. The strong top-line growth was accompanied by a gross margin of 53.2%, indicating improved operational efficiency.
Looking ahead, Fastly provided an optimistic outlook for the full year and the upcoming quarter. For the fiscal year, the company expects adjusted earnings per share between -$0.13 and -$0.07, with revenue projected in the range of $585 million to $595 million. For the second quarter, Fastly anticipates adjusted earnings per share between -$0.08 and -$0.04. These projections suggest continued growth and potential for further improvement in financial performance, which is likely contributing to investor enthusiasm and the stock's upward movement.
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