Fastly Inc.’s stock dropped in the extended session Wednesday after the cloud-based online content-services company reported a quarterly loss and outlook short of Wall Street expectations and announced the departure of its financial chief.
shares fell 15% after hours, following a 2.1% decline in the regular session to close at $58.06. Shares are up 155% over the past 12 months, but 57% off their 52-week high.
The company reported a first-quarter loss of $50.7 million, or 44 cents a share, compared with a loss of $12 million, or 13 cents a share, in the year-ago period. The adjusted loss was 12 cents a share, compared with 6 cents a share in the year-ago period.
Revenue rose to $84.9 million from $62.9 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of 11 cents a share on revenue of $84.3 million.
Fastly expects an adjusted loss of 19 cents to 16 cents a share on revenue of $84 million to $87 million in the second quarter. Analysts had forecast a loss of 9 cents a share on revenue of $90.8 million for the second quarter.
For the year, Fastly expects a loss of 44 cents to 35 cents a share on revenue of $380 million to $390 million, while analysts expect a loss of 40 cents a share on revenue of $377.7 million.
Meanwhile, the company announced that Chief Financial Officer Adriel Lares would be stepping down, and would continue on “for a transition period” while the company chooses a successor.