Lots of folks brooding about $FSLY and asking my take over past week. My take is... “I want more info”. I am not one to rush decisions, and want to see what earnings shows on Wed before deciding. /1

Basically Fastly proved it is mortal. Rev will be at the 42% they just pegged it at (the Q in question already ended) which is right back in the high end of the range it was bouncing around at pre-pandemic. /2

They have always had a volatile top line that waxes and wanes, so is nothing new. Just a bit jarring after the huge tailwind of last Q. And this does not factor much into their future potential and long term success. /3

Geopolitics are a factor, and way beyond US side of TikTok. India was a massive market that banned TikTok right before this Q being reported. Folks looking at US Tiktok URLs, can’t see Fastly use there either in CDN finder tool so may be some shifts in US too. /4

Big concern for me is “other customers” also lowering use. I think there are legit gripes w how mgmt handled this. Fastly claimed they could backfill demand from other customers, but it appears this is not happening quickly (if at all). I want to see evidence of this. /5

A known factor w Fastly is its lack of new enterprise custs, so I do not expect much there and will not be surprised if its single digit of new custs given the “lowered demand” causing some custs to fall out of >$100k ARR. /6

I overall have no reason to exit Fastly.

HOWEVER ... if NER drops (coupled w the expected very low cust growth), it is a strong blow to their hypergrowth trajectory. /7

Bottom line, I want hypergrowth while I wait for edge compute to take off. If it isn’t getting that, it is a sign to me they are moving too slowly. $NET is advancing their platform/TAM monthly it seems! $FSLY is taking its sweet time ... which I think is costly.