RTTNews | Aug 5, 2021 11:20AM EDT

11:20 Thursday, August 5, 2021 (RTTNews.com) - California-based cloud company Fastly Inc. (FSLY) shares slipped 17% in the early trading session on Thursday after the company reported a wider second-quarter loss.

The net loss of the company was $58.29 million or $0.51 loss per share, compared to $14.46 million or $0.14 loss per share in the same quarter last year. On an adjusted basis, the loss was $0.15 per share, compared to $0.02 earnings per share last year. Ten analysts polled by Thomson Reuters expected the loss to be $0.17 per share.

The revenue for the quarter improved to $85.02 million from $74.66 million, mitigated primarily by an increase in administrative and general expense which almost doubled to $35.49 million from $18.06 million last year. The company has also invested $30.34 million in research and development, up from $16.65 million last year. Nine analysts estimated revenues of $85.73 which the company narrowly missed.

Moving ahead, Fastly expects the revenue for the third quarter to be $82 million to $85 million with an adjusted loss of $0.21 to $0.18 per share. Street analysts have projected a $98.02 million revenue with $0.09 loss per share.

For the full year, the company looks forward to revenue in the range of $340 million to $350 million with $0.65-$0.57 in adjusted loss per share. The analysts expect a $382.34 million revenue and $0.43 in loss per share for the same period of time.

The shares are currently trading at $36.52, down $8.02 or 18.01% from their previous close at $44.54. the shares opened at $34.95 in the morning and in the 52-week period, the shares have ranged between $33.87 and $136.50.

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