Fastly’s (NYSE:FSLY) shares plummeted more than 20% pre-market today following the announcement of a less favorable earnings outlook for the first fiscal quarter of 2024.

In the fourth fiscal quarter of 2023, the cloud computing services company reported an earnings per share (EPS) of $0.01, outperforming the anticipated loss of $0.03 per share. However, its revenue for the quarter was $137.77 million, slightly below the expected $139.45 million.

The company’s non-GAAP gross margin improved to 59.2%, an increase from 57% in the same quarter the previous year.

Looking forward, Fastly has set its non-GAAP net income (loss) per share forecast ranging from a loss of $0.09 to a loss of $0.05 for the upcoming quarter, compared to the anticipated loss of $0.03 per share by analysts. Revenue for the forthcoming period is projected to be between $131 million and $135 million, falling short of the analysts’ expectation of $135.46 million.

For the entirety of fiscal 2024, Fastly anticipates a loss per share ranging from $0.06 to break-even, on projected revenues of $580 million to $590 million.

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