Fastly, Inc ( (FSLY) ) has released its Q3 earnings. Here is a breakdown of the information Fastly, Inc presented to its investors.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Fastly, Inc. is a prominent player in the edge cloud platform industry, offering solutions to enhance the performance and security of online experiences for global brands. The company has reported its financial results for the third quarter of 2024, highlighting a record non-GAAP income of $2.4 million and an adjusted EBITDA of $13.3 million.
In the third quarter of 2024, Fastly achieved a total revenue of $137.2 million, a 7% increase year-over-year. The company’s gross margin improved to 54.5% on a GAAP basis and 57.7% on a non-GAAP basis. Despite a GAAP net loss of $38.0 million, Fastly reported a non-GAAP net income of $2.4 million, reflecting significant financial improvements.
Revenue growth was driven by a 20% increase in revenue from customers outside of Fastly’s top ten, while revenue from top ten customers declined by 11% year-over-year. The company’s enterprise customer count decreased slightly, but total customer count rose, indicating broader market penetration. Additionally, Fastly enhanced its product offerings, including updates to its WAF and Bot Management solutions.
Looking ahead, Fastly remains focused on its transformation initiatives, aiming to diversify its revenue base further and drive long-term growth by investing in edge cloud innovation and expanding its market reach.
