Shares of Fastly Inc. (FSLY) fell more than 10% in the extended session Thursday after the cloud computing company said Chief Executive Artur Bergman was stepping down to become the company's chief architect and executive chairman. Fastly's President Joshua Bixby will become the company's CEO, with board member David Hornik appointed lead independent director, the company said in a statement. In a separate statement, Fastly said it had "a solid finish to 2019," reporting a narrower-than-expected adjusted loss for its fourth quarter. Fastly said it lost $14 million, or 15 cents a share, in the quarter, compared with a loss of $7 million, or 29 cents a share, in the year-ago period. Adjusted for one-time items, Fastly lost 10 cents a share, compared with a loss of 24 cents a share a year ago. Sales rose 44% to $59 million in the quarter, the company said. Analysts polled by FactSet had expected an adjusted loss of 12 cents a share on sales of $55 million for the company. Fastly guided for a per-share loss between 13 cents and 11 cents for the first quarter, and a loss between 43 cents a share and 32 cents a share for 2020.
-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
February 20, 2020 16:25 ET (21:25 GMT)
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