Fastly skyrockets 30% in market debut
May 17, 2019
Fastly entered the New York Stock exchange this week, and quickly after debut, the stock started trading at $21.50 per share, 34% higher than the company's initial prospectus. Fastly provides technology that helps companies like Hulu and the New York Times deliver online content more quickly; it had previously issued a prospectus that set the price range between $14 and $16 per share in the IPO. The company reported revenue of $144 million on a loss of $30.9 million in 2018, since then, it has been able to reduce losses by 5% while increasing revenue by 38%. Fastly competes against companies like Verizon, Google, and Amazon.