(VIANEWS) – Fastly Inc, a cloud platform company (NYSE:FSLY), reported its second quarter financial results. It also discussed an outage that occurred in June as well as what the future holds for the company.

According to Benzinga, Fastly’s revenue of $85 million was up 14 percent year on year. In the second quarter, the company’s gross margin decreased from 61.7 percent to 57.6 percent.

At the close of the second quarter, the company had 2,581 customers and 408 enterprise clients. This is an increase from the 2,458 customers and 395 customers in the first quarter.

One of the major concerns raised by the firm was an outage in June. The global outage affected virtually all of Fastly’s customers and lasted around 49 minutes for the majority of them. Customers were given credits following the downtime.

Fastly has numerous clients, including a top ten customer, who have not seen traffic return to their platform. The business also revealed that many clients have delayed project launches, which would have an impact on third and fourth-quarter financial performance.

Shares of Fastly (FSLY) slid by a staggering 23.28% to $34.17 at 09:46 EST on Thursday, after five sequential sessions in a row of gains. NYSE Composite is falling 0.5% to $16,629.50, following the last session’s downward trend. This seems, as yet, a somewhat bearish trend exchanging session today.

Fastly’s last close was $60.64, 55.58% under its 52-week high of $136.50.

Volume

Today’s last reported volume for Fastly is 6842444 which is 40.42% above its average volume of 4872857.

The company’s growth estimates for the ongoing quarter and the next is a negative 950% and a negative 125%, respectively.

Fastly’s Revenue

Year-on-year quarterly revenue growth grew by 34.8%, now sitting on 312.8M for the twelve trailing months.

Fastly’s Stock Yearly Top and Bottom Value

Fastly’s stock is valued at $34.17 at 09:46 EST, way under its 52-week low of $39.47.

Fastly’s Moving Average

Fastly’s value is way under its 50-day moving average of $53.84 and way below its 200-day moving average of $66.71.

Previous days news about Fastly (FSLY)

Why did fastly shares fall 20% after earnings?. According to Benzinga on Wednesday, 4 August, “Full-year guidance from Fastly is revenue of $340 million to $350 million versus street estimates of $382.3 million.”, “What’s Next: Fastly has several customers, including a top 10customer, that have not seen the return of traffic on their platform. ”

More news about Fastly (FSLY).

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