Core Viewpoint - A securities fraud lawsuit has been filed against Fastly, Inc. and its executives, alleging misrepresentation regarding customer acquisition and revenue growth expectations for 2024 [1][2]. Group 1: Lawsuit Details - The lawsuit claims that Fastly misled investors by stating that new customer acquisition would drive revenue growth in 2024, while the company was actually experiencing a significant slowdown in growth from its largest customers [2]. - On May 1, 2024, Fastly revised its FY 2024 revenue guidance downward by $35 million, attributing the disappointing outlook primarily to reduced revenue from a small number of its largest customers [2]. - Following the announcement of the revised guidance, Fastly's stock price fell by 32% [2]. Group 2: Investor Eligibility - Investors who purchased Fastly common stock between February 15, 2024, and May 1, 2024, and have experienced a decline in their shares may be eligible to participate in the lawsuit, regardless of whether they have sold their investment [3]. Group 3: Next Steps for Investors - The deadline for investors to seek appointment as lead plaintiff is July 23, 2024, and a class has not yet been certified [4]. - Investors who have lost money on their investment are encouraged to contact Block & Leviton for more information [4]. Group 4: Whistleblower Information - Individuals with non-public information about Fastly are encouraged to assist in the investigation or file a report with the SEC under the whistleblower program, which may offer rewards of up to 30% of any successful recovery [5]. Group 5: Firm Background - Block & Leviton is recognized as a leading securities class action firm, having recovered billions for defrauded investors and representing many top institutional investors [6].

NEW YORK, May 28, 2024 /PRNewswire/ -- Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against Fastly, Inc. ("Fastly" or "the Company") (NYSE: FSLY) and certain of its officers. Class Definition: This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Fastly securities between February 15, 2024 an ...

Parkev Tatevosian, CFA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Fastly. The Motley Fool has a disclosure policy. Parkev Tatevosian is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool. ...

Tech names Fastly Inc (NYSE:FSLY) and Qualcomm Inc (NASDAQ:QCOM) just announced their earnings results, with staggeringly different outcomes for the stocks. Cloud stock FSLY is down 34.3% at $8.50 at last glance, trading at 52-week lows and on track for its worst single-session percentage loss ever. The company announced mixed first-quarter results, with wider-than-expected losses per share alongside a revenue beat, and lowered its full-year revenue forecast. BofA Global Research downgraded Fastly stock to ...

Fastly (NYSE:FSLY) stock is falling on Thursday following the release of its earnings report for the first quarter of 2024.Weighing on FSLY stock today is the cloud platform company’s outlook in this report. It expects Q2 EPS to range from -10 cents to -6 cents alongside revenue between $130 million and $134 million. For comparison, Wall Street’s Q2 estimates include EPS of -2 cents on $140.16 million in revenue.Also not helping matters is Fastly’s guidance for 2024. The company is expecting EPS ranging fro ...

About this content About William Farrington William kickstarted his career as a researcher and reporter for a global legal publication, covering everything from public law to M&A. Before moving to Proactive Investors, he worked as a reporter for a major fintech company with a focus on cryptocurrency and blockchain technology. Harking from Queensland, Australia, William obtained first-class honours in journalism and media from Birkbeck University before going on to complete an MA in creative and critical ...

pingingz Shares of Fastly (NYSE:FSLY) were down 30% after the cloud-edge computing company reported results for its first-quarter and disappointed the market with a weak revenue forecast for Q2'24. The market very likely overreacted to the company's top-line outlook, in my opinion, and with a promising margin trend, I believe investors have been overly focused on the negatives in Fastly's earnings report. With growing GAAP margins and still double-digit top-line momentum expected for FY 2024, I believe the ...

For the quarter ended March 2024, Fastly (FSLY) reported revenue of $133.52 million, up 13.6% over the same period last year. EPS came in at -$0.05, compared to -$0.09 in the year-ago quarter.The reported revenue represents a surprise of +0.38% over the Zacks Consensus Estimate of $133.01 million. With the consensus EPS estimate being -$0.07, the EPS surprise was +28.57%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street ex ...

Fastly (FSLY) came out with a quarterly loss of $0.05 per share versus the Zacks Consensus Estimate of a loss of $0.07. This compares to loss of $0.09 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 28.57%. A quarter ago, it was expected that this cloud software developer would post a loss of $0.02 per share when it actually produced earnings of $0.01, delivering a surprise of 150%.Over the last four quarters, the company has ...

Revenue Performance - Revenue for the three months ended March 31, 2024, was $133.5 million, representing a 14% increase from $117.6 million in the same period of 2023[137]. - Total revenue for the three months ended March 31, 2024, was $133.5 million, a 14% increase from $117.6 million in the same period of 2023[180]. - U.S. revenue for Q1 2024 was $98.5 million, a 15% increase from $85.4 million in Q1 2023, representing 74% of total revenue[184]. - International revenue for Q1 2024 was $35.0 million, a 9% increase from $32.2 million in Q1 2023, representing 26% of total revenue[184]. - Network Services revenue grew by 12% to $106.0 million, while Security revenue increased by 16% to $24.6 million[182][183]. Customer Metrics - The top 10 customers contributed 38% of total revenue for the trailing 12 months ended March 31, 2024, compared to 35% in 2023[137]. - Total Customer Count increased to 3,290 as of March 31, 2024, up from 3,100 in 2023, representing a growth of 6.1%[157]. - Enterprise Customer Count rose to 577, compared to 540 in the previous year, maintaining 91% of total annualized current quarter revenue[160]. - Last-Twelve Months Net Retention Rate (LTM NRR) metric reflects revenue growth from existing customers due to increased usage of the platform[138]. - Last-Twelve Months Net Retention Rate (LTM NRR) decreased to 114.0% from 116.2% year-over-year[157]. Financial Performance - The company incurred a net loss of $43.4 million for the three months ended March 31, 2024, slightly improved from a loss of $44.7 million in the same period of 2023[137]. - Net loss attributable to common stockholders was $43.4 million for the three months ended March 31, 2024, compared to a loss of $44.7 million in 2023[177]. - Gross profit margin improved to 55% for the three months ended March 31, 2024, compared to 51% in 2023[179]. - Total operating expenses increased to $119.5 million, up from $107.5 million year-over-year[177]. - Interest income for Q1 2024 was $3.8 million, an 8% decrease from $4.2 million in Q1 2023[191]. Expenses Overview - Research and development expenses as a percentage of revenue were 29% for the three months ended March 31, 2024, down from 32% in 2023[153]. - Research and development expenses were $38.2 million, representing 29% of total revenue, down from 32% in the previous year[179]. - Sales and marketing expenses increased to $49.6 million, accounting for 37% of total revenue, slightly down from 38% in 2023[179]. - General and administrative costs for Q1 2024 were $31.6 million, a 23% increase from $25.8 million in Q1 2023[190]. - Research and development expenses for Q1 2024 were $38.2 million, a 2% increase from $37.4 million in Q1 2023[188]. - Sales and marketing expenses for Q1 2024 were $49.6 million, a 12% increase from $44.3 million in Q1 2023[189]. Cash Flow and Liquidity - Net cash provided by operating activities for Q1 2024 was $11.1 million, compared to a cash used of $8.9 million in Q1 2023[207]. - As of March 31, 2024, the company had cash, cash equivalents, and marketable securities totaling $331.2 million[196]. - Cash provided by investing activities for the three months ended March 31, 2024, was $33.7 million, primarily from $99.1 million in maturities and sales of marketable securities[210]. - Cash used in financing activities for the three months ended March 31, 2024, was $1.9 million, primarily due to $4.9 million in finance lease payments[212]. - The company experienced a net increase in accounts receivable of $3.7 million due to business growth and timing of cash receipts[209]. Strategic Initiatives - The company aims to expand its customer base across diverse verticals by enhancing product experience and leveraging its partner ecosystem[139]. - The company plans to continue investing in its platform and network infrastructure to support revenue growth and customer adoption of its edge cloud services[153]. - The company is focused on international expansion, increasing its presence in select international markets to attract new customers[147]. - The company has acquired Glitch, a software company, to enhance its product offerings and support developer project management[153]. Risk Management - The company is monitoring geopolitical events that could impact its operations, particularly concerning customers with ties to regions affected by conflict[149]. - The company does not engage in hedging activities to reduce exposure to currency fluctuations, which may be considered in the future[221]. - A hypothetical 10% change in interest rates would not have had a material impact on the company's consolidated financial statements[220].