What happened

Shares of edge computing specialist Fastly (FSLY 4.31%) jumped on Thursday, rising to a new all-time high above $100. The stock rose nearly 7% as of 3:10 EDT.

The stock's move higher was likely primarily fueled by momentum. The gain builds on the stock's big climb in recent months and bullishness in the market for growth stocks (like Fastly) overall.

A chart showing a stock price moving higher

Image source: Getty Images.

So what

Investors have shown an incredible appetite for Fastly stock since the company reported first-quarter results that blew away expectations. The company's second-quarter guidance was particularly impressive, with management guiding for revenue to jump 57% year over year -- a huge acceleration from 38% growth in Q1.

"As we mentioned earlier, we saw continued customer expansion on our platform, which was bolstered by increased internet traffic from social distancing measures in Q1," management said in Fastly's first-quarter update. "We expect this trend to continue into Q2 and future periods."

Now what

Fastly's second-quarter earnings release is fast approaching. When the infrastructure-as-a-service company reports its quarterly results on Aug. 5, investors will look for 57%-plus growth in Q2 and strong guidance for Q3.

The company will need to report nothing short of a stellar quarter in order to live up to the stock's 400% year-to-date gain.