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Fastly sees revenue growing 14% in 2022, lower than what Wall Street had projected.
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Fastly
shares were trading sharply lower after the content delivery network operator posted solid results for the fourth quarter, but provided guidance for 2022 that fell shy of Street estimates.
Fastly stock has tumbled about 30%, to $20.60, in premarket trading Thursday, the morning after earnings.
For the quarter, Fastly (ticker: FSLY) posted revenue of $97.7 million, up 13% from a year ago, ahead of the Street consensus at $92.5 million. The company had a non-GAAP loss in the quarter of 10 cents a share, which was narrower than the Street forecast for a loss of 16 cents a share. Under generally accepted accounting principles, the company lost $57.5 million, or 49 cents a share.
For the full year, Fastly reported revenue of $354.3 million, up 22%, with a non-GAAP loss of 48 cents a share.
For the March quarter, Fastly sees revenue of $97 million to $100 million, with a non-GAAP loss of 13 to 15 cents a share; Street consensus had called for $98 million and a loss of 13 cents.
The issue for the stock is clearly full-year guidance. Fastly sees revenue of $400 million to $410 million, at the midpoint growth of 14%. The company sees a non-GAAP loss for the full year of 50 to 60 cents a share. Street consensus had been $419 million and a loss of 48 cents a share.
Write to Eric J. Savitz at eric.savitz@barrons.com
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