Fastly stock is headed higher in premarket trading Thursday after the content delivery network and security software company posted better-than-expected third-quarter results.
For the quarter, Fastly posted revenue of $87 million, up 23% from a year earlier, and ahead of the Street consensus forecast of $83.7 million. On a non-GAAP basis, the company lost 11 cents a share, narrower than the Street consensus forecast for a loss of 19 cents a share.
Fastly said its enterprise customer count grew to 430 from 408 one quarter earlier, while the total customer count increased to 2,748 from 2,581.
The company noted that after a widely publicized network outage in the second quarter, some customers paused on using the platform. But CEO Joshua Bixby said in a letter to shareholders that the issue has been resolved and the customers are back. “I am pleased to report that our top customers have returned traffic and continue to ramp following significant stability and resilience work by our infrastructure and engineering teams,” he wrote.
For the December quarter, Fastly is projecting revenue of $90 million to $93 million, with a non-GAAP loss of 16 to 19 cents a share. Street consensus previously had called for revenue of $91.9 million and a loss of 15 cents a share.
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