Fastly CEO Joshua Bixby on CNBC's "Mad Money."plunged as much as 28% in after-hours trading after the company lowered its third quarter guidance.
The company, whose core technology helps companies speed the delivery of digital content to consumers, said it now expects revenue of $70 million to $71 million, compared to its previous guidance of $73.5 million to $75.5 million. "Due to the impacts of the uncertain geopolitical environment, 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 in the release.company's most recent earnings call
that TikTok is its biggest customer, accounting for about 12% of revenue in the first six months of the year, sending the stock down almost 20% on that announcement. TikTok has been caught up in a complicated geopolitical dance between China, where its parent company ByteDance is based, and the United States, with President Donald Trump threatening to ban the app completely unless a U.S. buyer was found. Last month, the president
The 'Cloud' is as ephemeral as a... cloud.
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It's almost like generating endless operating losses is starting to mean something. loss risk Gravity
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Source: CNBC - 🏆 12. / 72 Read more »