Shares of edge computing specialist Fastly (NYSE:FSLY) are jumping today, up by about 9% as of 3:15 p.m. EDT.
The stock is likely benefiting from increased interest ahead of the company's earnings report next week. In addition, many technology growth stocks like Fastly are rising in Thursday's trading; Fastly is likely getting a boost from an upbeat day overall for such names.
Investors have piled into Fastly stock since the company's first-quarter earnings release, when the edge computing platform provider beat analyst estimates and said it expected a significant acceleration in its revenue growth rate in Q2.
Fastly management guided for second-quarter revenue to be between $70 million and $72 million, implying 57% year-over-year growth. This compares to a 38% increase in revenue in Q1.
After the stock rose to an all-time high of $102.95 earlier this month, shares took a breather. But momentum seems to be picking back up as the company approaches its second-quarter update on Aug. 5.
Investors will be watching Fastly's Q2 results closely next week. In the company's first-quarter update, management said Fastly was benefiting from expansion from existing customers and increased internet usage as social-distancing measures persist.