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Mar 31, 2024
Fastly Q1 2024 Earnings Report
Fastly's first quarter results for 2024 showed revenue growth and positive operating cash flow, but the company expressed dissatisfaction with its revenue growth outlook.
Key Takeaways
Fastly reported a 14% year-over-year revenue increase to $133.5 million and positive operating cash flow of $11.1 million. The company released its Bot Management Solution and saw increased deal registrations and product package deals.
Total revenue reached $133.5 million, a 14% increase year-over-year.
GAAP gross margin improved to 54.8% from 51.3% in the first quarter of 2023.
The company's LTM Net Retention Rate increased to 114% in the first quarter.
Fastly released its Bot Management Solution to combat automated bot attacks.
Forward Guidance
Fastly anticipates Q2 2024 revenue between $130.0 and $134.0 million, with a non-GAAP operating loss between $16.0 and $12.0 million. Full year 2024 revenue is projected to be between $555.0 and $565.0 million, with a non-GAAP operating loss between $28.0 and $22.0 million.
Positive Outlook
- Revenue between $130.0 - $134.0 million for Q2 2024
- Full year Revenue between $555.0 - $565.0 million for 2024
- Q2 2024 Non-GAAP Net Loss per share between -$0.10 and -$0.06
- Full year 2024 Non-GAAP Net Loss per share between -$0.12 and -$0.06
- Q2 2024 Non-GAAP operating loss between $(16.0) - $(12.0) million
Challenges Ahead
- Full year 2024 Non-GAAP operating loss between $(28.0) - $(22.0) million
- Uncertainty of expenses that may be incurred in the future
- Reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort
Historical Earnings Impact
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Avg. Return Before/After Earnings
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