Shares of cloud-computing company Fastly (NYSE:FSLY) took a 2.4% hit on Tuesday, even as the tech-heavy Nasdaq Composite rose by about 0.6%.
In all likelihood, the growth stock's decline in the session was primarily a continuation of the bearish trend that it has been experiencing as the market looks ahead to the company's earnings report, due out on Wednesday.
After soaring in 2020, Fastly stock has given back some of its massive gains in 2021. Shares are down 48% year to date and 19% in the last 30 days alone.
Some of the recent poor performance may be due to investors' worries about how well the company performed during Q2. It will be up against an extremely tough comparison to the year-ago quarter, when revenue grew 62% year over year and Fastly benefited from significantly increased internet usage amid the pandemic's early lockdowns.
Management has guided for second-quarter revenue to be between $84 million and $87 million, up from $75 million in the year-ago quarter. However, that guidance range includes the revenues from its recent acquisition, security specialist Signal Sciences.
Fastly will announce its second-quarter results after the market close on Wednesday.