Fastly plummets 31% after revenue projections disappoint due to less business with TikTok

SourceBusiness Insider
SectorEconomy
CountryGCC

Drew Angerer/Getty Images Fastly plummeted 31% on Thursday after it reported preliminary third quarter earnings results that missed analyst estimates.Fastly said its largest customer, TikTok, did less business with it in the quarter, leading it to lower its third quarter revenue guidance."Usage of Fastly's platform by its previously disclosed largest customer did not meet expectations, resulting in a corresponding significant reduction in revenue from this customer," the company said.Visit Business Insider's homepage for more stories. Fastly, the cloud edge platform that helps improve the speed of websites and applications, plummeted as much as 31% on Thursday after it announced preliminary third quarter results that fell short of expectations. Fastly said it expects third quarter revenue in a range of $70 million to $71 million, well below its previous guidance of $73.5 million ...read more...