The stock drops rapidly following Outlook, a new CEO


Fastly Inc.
FSLY,
+7.31%

Shares fell in Wednesday’s extended session after the cloud software company forecast a weaker-than-expected forecast and announced a new CEO. Fastly shares fell 4% after hours, after rising 7.3% in the regular session to close at $13.21. The company reported a loss of 69 million dollars in the second quarter, or 14 cents per share, compared with a loss of $57.5 million, or 51 cents per share, in the same period last year. Adjusted earnings, which exclude stock-based compensation expense and other items, were 23 cents per share, compared with 15 cents per share in the corresponding period last year. Revenue rose to $102.5 million from $85 million in the same quarter last year. Analysts polled by FactSet had forecast a loss of 17 cents a share on revenue of $101.3 million. Fastly had forecast a loss of 18 cents to 15 cents a share on revenue of 102 to 105 million in the third quarter, and a loss of 68 cents to 63 cents per share on revenue of $415 million to $425 million for the year. Analysts had estimated a loss of 14 cents per share on revenue of $100.5 million in the third quarter, and a loss of 56 cents per share on revenue of $410 million per year. Fastly also named Todd Nightingale as its CEO effective 1B September. back in may The company began looking for a new CEO.



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