Fastly, (FSLY) - Get Report the San Francisco provider of technology that speeds delivery of websites and applications to viewers and users, reported its fourth-quarter net loss widened on 40% higher revenue.
The adjusted loss and revenue total were better than Wall Street analysts expected.
Separately, Fastly named Brett Shirk, a longtime executive in cloud computing and online security, as chief revenue officer.
In the quarter Fastly had a loss of 40 cents a share compared with a loss of 15 cents a share in the year-earlier quarter. The latest adjusted loss was 9 cents a share.
Revenue reached $82.6 million from $58.9 million.
A survey of analysts by FactSet produced consensus estimates of a GAAP net loss of 21 cents a share, or an adjusted loss of 11 cents, on revenue of $82 million.
Fastly shares were down more than 3.5% to $91.50 in after-hours trade. The shares finished regular Wednesday trading down 2.7% at $94.85.
GAAP gross-profit margin in Q4 widened to 59.2% from 56.7%.
For the first quarter, Fastly expects an adjusted loss of 9 cents to 13 cents a share on revenue of $83 million to $86 million.
FactSet's survey of analysts is looking for an adjusted loss of 9 cents a share on revenue of $84.6 million.
In January, Oppenheimer analyst Timothy Horan upgraded Fastly to outperform from perform with a $125 price target.
Horan had downgraded Fastly in August on concern about tougher 2021 earnings comparisons and the loss of revenue from the short-video application TikTok.
In the latest report, however, Horan had said that he'd grown incrementally positive after his channel checks suggested that traffic volumes at Fastly were strong and its launch of the compute@edge platform had been positive.
Shirk, reporting to Chief Executive Joshua Bixby, is tasked with developing the company's sales and client-services strategy and, with an eye toward expanding Fastly's operations overseas, build its global sales organization and strategy.
He joins from Rubrik, the Palo Alto, Calif., data-management company, where he was chief revenue officer. His resume also includes tenures at VMWare and Symantec.