Certain organizations delayed their deployments on Fastly's infrastructure to speed up the delivery of content, plus there was a major outage in the quarter.
"We expect to see a downstream impact on revenue from the outage in the near-to medium-term as we work with our customers to bring back their traffic to normal levels," Fastly CEO Joshua Bixby wrote in a letter to shareholders. One of Fastly's top 10 customers has not returned its traffic to the company's infrastructure, he wrote."We believe that this traffic will come onto the network in 2021, but later than we had originally forecasted," Bixby wrote.
With respect to guidance, Fastly now sees a third-quarter adjusted loss of 21 cents to 18 cents per share on $82 million to $85 million in revenue. Analysts surveyed by Refinitiv had expected a loss of 9 cents per share on $98.0 million in revenue. For the full year, Fastly called for an adjusted loss of 65 cents to 57 cents per share on revenue of $340 million to $350 million. Analysts polled by Refinitiv were looking for a loss of 43 cents per share on $382.8 million in revenue.This is breaking news. Please check back for updates.
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