Why Fastly Stock Skyrocketed Today

Shares of Fastly (NYSE: FSLY) have skyrocketed today, up by 38% as of 12:40 p.m. EDT, after the company reported first-quarter earnings. The cloud infrastructure specialist beat expectations for both the top and bottom lines as the COVID-19 pandemic drove demand for its services.

Revenue in the first quarter jumped 38% to $63 million, ahead of the consensus estimate of $59.4 million. That all translated into an adjusted net loss of $0.06 per share, which was half as much red ink as analysts were modeling for. The tech company had promoted Joshua Bixby to the CEO role in February so that founder Artur Bergman could focus on development.

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Source Fool.com