Shares of edge-computing company Fastly (NYSE:FSLY) soared higher on Friday, building on the stock's momentum in recent weeks. Shares rose as much as 11.3% but were up 9.1% as of 3 p.m. EDT.
The stock's gain likely reflected an overall optimism in the stock market on Friday for many growth stocks, like Fastly, and a continuation of the stock's momentum throughout the week.
Highlighting optimism in the overall market on Friday, the S&P 500 was up 0.8% and the tech-heavy Nasdaq Composite was up 1.1%. Many growth stocks, however, were up several percentage points or more.
Capturing Fastly stock's staggering momentum recently, shares have risen more than 30% this week. Optimism for enterprise-facing tech stocks was bolstered earlier this week when analytics platform provider Alteryx (NYSE:AYX) announced that its third-quarter revenue surpassed its guidance range. Some investors may be expecting information technology (IT) spending to pick up sharply in the second half of the year versus the first half. If this is true, Fastly could benefit from strong customer growth and customer expansion.
When Fastly reports third-quarter results, investors will be looking for the company to continue growing rapidly. The edge-computing specialist typically reports its third-quarter results in early November.
Management said it expected third-quarter revenue to be between $73.5 million and $75.5 million -- up from $49.8 million in the year-ago period.