Quickly reduce indications of uncertainty and declining demand; Stocks drop 28% by Investing.com


© Reuters.

Par yasin ebrahim

Investing.com – Dipped quickly after hours on Wednesday after cutting its guidance for the third quarter, citing an uncertain geopolitical backdrop and weaker-than-expected demand.

Shares of Fastly (NYSE :), a cloud computing company that helps deliver digital content to consumers, fell 28% in after-hours transactions.

The company guided revenue for the year in a range of $ 70 million to $ 71 million, down from previous guidance of $ 73.5 million to $ 75.5 million.

“Due to the impacts of the uncertain geopolitical environment, the use of the Fastly platform by its previously disclosed largest client has not met expectations, resulting in a corresponding significant reduction in revenue for this client,” said the company in the press release. “In the latter part of the third quarter, a few customers had lower usage than Fastly estimated. “

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