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Fastly plunges despite raised full-year view; reveals TikTok reliance (NYSE:FSLY)

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Fastly (NYSE:FSLY) shares are down 17% pre-market despite yesterday’s upside Q2 report and raised full-year outlook.

FSLY shares are up 443% YTD on high hopes for the pandemic tailwind, which could make the full-year outlook seem soft to investors.

The company raises its full-year 2020 revenue guidance from $280-290M to $290-300M (consensus: $285.7M) and EPS to a net loss of $0.01-0.06 (was: $0.08-0.15 loss; consensus: $0.13 loss) .

For Q3, Fastly expects $73.5-75.5M in revenue (consensus: $71.5M) and EPS from a $0.01 loss to positive $0.01 (consensus: $0.04 loss).

In an interview with Barron’s, Fastly CEO Joshua Bixby identified TikTok as the company’s largest single customer, accounting for 12% of H1 revenue.

The Trump administration has threatened to ban TikTok on national security concerns, though Microsoft is currently trying to acquire the app.

Fastly shareholder letter.

Previously: Fastly EPS beats by $0.03, beats on revenue, shares tank 8% (Aug. 05 2020)

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