Fastly Q2 2024 Earnings Report
Key Takeaways
Fastly reported Q2 2024 revenue of $132.4 million, representing an 8% year-over-year increase. The company's enterprise customer count grew by 4% sequentially. However, Fastly is facing demand challenges with some large customers and is adjusting its cost structure accordingly.
Total revenue reached $132.4 million, an 8% increase year-over-year.
Enterprise customer count increased by 4% sequentially, reaching 601.
GAAP gross margin improved to 55.1% compared to 52.3% in Q2 2023.
Fastly AI Accelerator released in beta to speed up performance of ChatGPT-powered apps.
Fastly
Fastly
Forward Guidance
Fastly anticipates revenue between $130.0 and $134.0 million for Q3 2024 and between $530.0 and $540.0 million for the full year 2024. Non-GAAP operating loss is expected to be between ($12.0) and ($8.0) million for Q3 2024 and between ($33.0) and ($27.0) million for the full year 2024. Non-GAAP net loss per share is projected to be between ($0.08) and ($0.03) for Q3 2024 and between ($0.16) and ($0.11) for the full year 2024.
Positive Outlook
- Q3 2024 Total Revenue: $130.0 - $134.0 million
- Full Year 2024 Total Revenue: $530.0 - $540.0 million
- Q3 2024 Non-GAAP Operating Loss: ($12.0) - ($8.0) million
- Full Year 2024 Non-GAAP Operating Loss: ($33.0) - ($27.0) million
- Q3 2024 Non-GAAP Net Loss per share: ($0.08) - ($0.03)
Challenges Ahead
- Full Year 2024 Non-GAAP Net Loss per share: ($0.16) - ($0.11)
- Uncertainty of expenses that may be incurred in the future
- Expenses cannot be reasonably determined or predicted at this time
- Factors could be material to Fastly’s future GAAP financial results
- Demand challenges with some of our largest customers