FASTLY Reports Second Quarter FY2023 Earnings Results for June 30, 2023
August 11, 2023
🌥️Earnings Overview
FASTLY ($NYSE:FSLY) reported its earnings results for the second quarter of FY2023 ending on June 30, 2023. Total revenue was USD 122.8 million, representing an increase of 19.8% year over year. Net income was USD -10.7 million, which is lower than the prior year’s -16.4 million.
Share Price
In reaction to the news, FASTLY stock opened at $17.3 and closed at $16.4, a drop of 8.3% from their previous closing price of $17.9. Despite the positive revenue growth, the stock price dropped in response to the losses reported. Following the release of the report, investors were disappointed with the losses and uncertain about the future of FASTLY. Analysts will be closely watching the company’s performance in the coming quarters to see if it can turn things around. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Fastly. FASTLY_Reports_Second_Quarter_FY2023_Earnings_Results_for_June_30_2023″>More…
| Total Revenues | Net Income | Net Margin |
| 468.22 | -165.46 | -40.0% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Fastly. FASTLY_Reports_Second_Quarter_FY2023_Earnings_Results_for_June_30_2023″>More…
| Operations | Investing | Financing |
| -23.63 | 458.62 | -224.27 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Fastly. FASTLY_Reports_Second_Quarter_FY2023_Earnings_Results_for_June_30_2023″>More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.66k | 669.66 | 7.66 |
Key Ratios Snapshot
Some of the financial key ratios for Fastly are shown below. FASTLY_Reports_Second_Quarter_FY2023_Earnings_Results_for_June_30_2023″>More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 23.9% | – | -34.2% |
| FCF Margin | ROE | ROA |
| -16.1% | -10.3% | -6.0% |
Analysis
GoodWhale recently conducted an analysis of FASTLY‘s wellbeing. After looking at the financial and business aspects, our Risk Rating came back as a medium risk investment. This means that there are some potential red flags that must be considered when considering investing in FASTLY. We have detected two risk warnings that were seen in their balance sheet and cashflow statement. If you’d like to see more detailed information, please register on goodwhale.com to get a full report. The report will provide insight into the specific risks associated with investing in FASTLY. We hope this information helps you make a more informed decision. More…
Peers
Its main competitors are Cloudflare Inc, Akamai Technologies Inc, 8×8 Inc.
– Cloudflare Inc ($NYSE:NET)
Cloudflare Inc is a US company that provides a content delivery network and distributed DNS services, sitting between the visitor and the Cloudflare user’s hosting provider, acting as a reverse proxy for websites. Its network is one of the world’s largest, handling more than 10% of global internet requests. Cloudflare’s services encrypt data passing between its network and the user’s site, providing security and performance enhancements. The company has been involved in a number of controversies, including its refusal to terminate service to the neo-Nazi website The Daily Stormer and conspiracy theorist website InfoWars.
– Akamai Technologies Inc ($NASDAQ:AKAM)
Akamai Technologies is a leading content delivery network (CDN) provider, powering digital experiences for businesses worldwide. The company’s vast network of servers and global infrastructure provides a fast, reliable, and secure platform for businesses to deliver their content and applications. Akamai’s solutions are used by some of the world’s largest companies, including Facebook, Google, Netflix, and Amazon. The company’s market cap is 14.06 billion as of 2022 and its return on equity is 14.58%.
– 8×8 Inc ($NYSE:EGHT)
8×8 Inc is a provider of cloud-based, enterprise-class software solutions. The company has a market cap of 387.91M as of 2022 and a Return on Equity of -56.22%. 8×8’s solutions are designed to meet the needs of businesses of all sizes, from small businesses to large enterprises. The company’s products and services include VoIP, cloud PBX, unified communications, contact center, and video conferencing.
Summary
Investors reacted negatively to FASTLY‘s second quarter earnings results for FY2023 ending June 30, 2023, as the stock price declined on the same day. Total revenue was USD 122.8 million, up 19.8% year over year, while net income was USD -10.7 million, a decrease from the prior year’s -16.4 million. This means that despite increased sales, the company’s net income has decreased. Investors should closely monitor FASTLY’s performance and financials in the coming quarters to get a better picture of the company’s health.
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