Q2 2024 Fastly Inc Earnings Call Transcript
Key Points
- Fastly Inc (FSLY) reported revenue of $132.4 million for the second quarter, exceeding the midpoint of their guidance.
- The company achieved an 8% year-over-year revenue growth, driven by a 13% increase in revenue from customers outside the top 10.
- Fastly Inc (FSLY) saw a 4% sequential increase in enterprise customer count, growing from 577 in Q1 to 601 in Q2.
- The company launched new technology innovations, including the AI accelerator and bot mitigation solutions, which have received positive customer responses.
- Fastly Inc (FSLY) has brought on Scott Lovett as the new Chief Revenue Officer, who has a strong background in cybersecurity and network services, expected to drive growth and transformation.
- Fastly Inc (FSLY) reported an operating loss of $12.6 million for the second quarter, although it was favorable to the guidance midpoint.
- The company faces challenges with a small set of its largest customers, leading to a decline in projected growth for these accounts.
- Revenue from the top 10 customers dropped from 38% in Q1 to 34% in Q2, reflecting a significant impact on overall revenue.
- The company anticipates continued headwinds from its largest customers, affecting revenue growth throughout 2024.
- Fastly Inc (FSLY) plans to restructure the company, including potential workforce reductions, to align costs with revenue and invest in future growth.
Thank you for standing by. At this time, I would like to welcome everyone to today's Fastly second-quarter 2024 earnings conference call. (Operator Instructions)
Thank you. I would now like to turn the call over to Vern Essi, Investor Relations at Fastly. Vern, please go ahead.
Welcome, everyone, to our second quarter 2024 earnings conference call. We have Fastly CEO, Todd Nightingale; and CFO, Ron Kisling with us today, The webcast of this call can be accessed through our website, investor.com and will be archived for one year. Also, a replay will be available by dialing 807 seven zero two zero three zero and referencing conference ID number seven five four three two three nine shortly after the conclusion of today's call, a copy of today's earnings press release related financial tables and investor supplement, all of which are furnished in our eight K filing today can be found in the Investor Relations portion of Vesta's website.
During this call, we will make forward-looking statements, including
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