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Mar 31, 2023
Fastly Q1 2023 Earnings Report
Revenue exceeded guidance, demonstrating growth and strategic advancements.
Key Takeaways
Fastly's Q1 2023 earnings report highlights a record first-quarter revenue that exceeded the high end of the quarterly guidance range, growing 15% year-over-year. The company also saw progress in customer mind share through go-to-market simplification, packaging, innovation velocity, and improvements in cost control and financial rigor.
Total revenue reached $117.6 million, a 15% increase year-over-year.
GAAP gross margin improved to 51.3% from 47.3% in Q1 2022, and non-GAAP gross margin increased to 55.6% from 52.6% in Q1 2022.
The total customer count was 3,100, including 540 enterprise customers.
Google selected Fastly’s oblivious HTTP relay for its privacy sandbox initiative.
Forward Guidance
Fastly provided guidance for Q2 2023 with total revenue expected to be between $117 million and $120 million, and non-GAAP operating loss between ($18.0) million and ($16.0) million. For the full year 2023, total revenue is expected to be between $495 million and $505 million, and non-GAAP operating loss between ($53.0) million and ($47.0) million.
Positive Outlook
- Total Revenue (millions): $117 - $120 (Q2 2023)
- Total Revenue (millions): $495 - $505 (Full Year 2023)
Challenges Ahead
- Non-GAAP Operating Loss (millions): ($18.0) - ($16.0) (Q2 2023)
- Non-GAAP Operating Loss (millions): ($53.0) - ($47.0) (Full Year 2023)
- Non-GAAP Net Loss per share: ($0.11) - ($0.09) (Q2 2023)
- Non-GAAP Net Loss per share: ($0.27) - ($0.21) (Full Year 2023)
Historical Earnings Impact
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Avg. Return Before/After Earnings
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