The earnings call highlighted Fastly's record net profit and improved EBITDA, alongside strong growth and diversification outside of the top 10 customers. However, challenges remain with the largest customers, decreasing enterprise customer count, and a cautious outlook for Q4 revenue. The company's focus on expanding its security portfolio and improving its cost structure should support future growth.

Company Guidance

During Fastly's Q3 2024 earnings call, the company reported a revenue of $137.2 million, surpassing the high end of their guidance range due to unexpected strength in the media sector and a 20% year-over-year growth outside their top 10 customers. They achieved an operating loss of $520,000, their best result in over four years, and reported a net profit of $2.4 million with an adjusted EBITDA of $13.3 million, both record highs for the company. The top 10 customers represented 33% of revenue, down from 40% the previous year. Fastly's enterprise customer count stood at 576, with a 5% year-over-year growth rate, although it declined 4% quarter-over-quarter. The company offered Q4 revenue guidance of $136 million to $140 million, reflecting a cautious outlook due to anticipated reduced seasonal lift and ongoing headwinds with their largest accounts. For the full year 2024, Fastly expects revenue between $539 million and $543 million, with a focus on diversifying revenue streams and capitalizing on growth opportunities in security and other emerging products.

Record Net Profit and EBITDA

Fastly reported a net profit of $2.4 million and positive adjusted EBITDA of $13.3 million in the third quarter, both record levels for the company.

Revenue Growth and Diversification

Revenue grew 7% year-over-year to $137.2 million, with a significant 20% year-over-year growth in revenue outside of the top 10 customers, indicating successful diversification.

Expansion of Security Portfolio

Fastly released a major expansion to its security portfolio, including adaptive DDoS protection and bot mitigation, which have been well-received by customers.

Improved Operating Loss

Operating loss of $520,000 was the best result in over 4 years, driven by higher revenue, improved gross margins, and cost benefits from a faster-than-projected restructuring.

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Fastly (FSLY) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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FSLY Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 12, 2025	2024 (Q4)	>-0.01 / -	0.01	―	―	―
Nov 06, 2024	2024 (Q3)	-0.06 / 0.02	-0.06	133.33% (+0.08)	―
Aug 07, 2024	2024 (Q2)	-0.08 / -0.07	-0.04	-75.00% (-0.03)	―
May 01, 2024	2024 (Q1)	-0.06 / -0.05	-0.09	44.44% (+0.04)	―
Feb 14, 2024	2023 (Q4)	-0.03 / 0.01	-0.08	112.50% (+0.09)	―
Nov 01, 2023	2023 (Q3)	-0.07 / -0.06	-0.14	57.14% (+0.08)	―
Aug 02, 2023	2023 (Q2)	-0.10 / -0.04	-0.23	82.61% (+0.19)	―
May 03, 2023	2023 (Q1)	-0.10 / -0.09	-0.15	40.00% (+0.06)	―
Feb 15, 2023	2022 (Q4)	-0.13 / -0.08	-0.1	20.00% (+0.02)	―
Nov 02, 2022	2022 (Q3)	-0.17 / -0.14	-0.11	-27.27% (-0.03)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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FSLY Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 06, 2024	$8.16	$8.17	+0.12%
Aug 07, 2024	$6.84	$5.86	-14.33%
May 01, 2024	$12.93	$8.79	-32.02%
Feb 14, 2024	$23.54	$16.34	-30.59%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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