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Fastly Inc (NYSE: FSLY) is trading higher Thursday after the company announced better-than-expected third-quarter financial results.
Fastly reported a quarterly earnings loss of 11 cents per share, which beat the estimate for a loss of 19 cents per share. The company reported quarterly revenue of $86.73 million, which beat the estimate of $83.71 million and represented an increase of 23% year-over-year.
"This quarter, we reported revenues of $87M, up 23% year-over-year and I am pleased to report that our top customers have returned traffic following our outage in Q2. We have navigated unexpected volatility and ever-changing market conditions over the past two years, but are encouraged about the opportunities before us,” said Joshua Bixby, CEO of Fastly.
RBC Capital analyst Rishi Jaluria maintained Fastly with a Sector Perform rating and raised the price target from $36 to $50.
Fastly operates a content delivery network, which is necessary for entities to provide faster and more reliable online content.
FSLY Price Action: Fastly has traded as high as $122.75 and as low as $33.87 over a 52-week period.
The stock was up 6.83% at $56.94 at time of publication.
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