RTTNews | May 6, 2021 10:36AM EDT

10:36 Thursday, May 6, 2021 (RTTNews.com) - Fastly, Inc. (FSLY) shares are sliding more than 23 percent on Thursday morning trade as the company reported a wider net loss for the first quarter.

The edge cloud platform provider reported a wider first-quarter net loss of $50.68 million, compared to $11.99 million last year. On a per-share basis, loss was $0.44, wider than $0.13 a year ago. On an adjusted basis, loss was $0.12 per share.

Currently, shares are at $44.53, down 23.34 percent from the previous close of $58.06 on a volume of 11,844,921. For the 52-week period, the shares have traded in a range of $26.64-$136.50 on average volume of 4,444,981.

On average, 11 analysts polled by Thomson Reuters expected the company to report loss of $0.11 per share. Analysts estimates usually exclude special items.

Revenue for the quarter increased to $84.85 million from $62.92 million last year. Analysts expected the company to report $85.12 million.

Looking ahead to the second quarter, the company expects adjusted net loss per share in a range of $0.19-$0.16 on revenue in a range of $84-$87 million.

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