In the Q2 report last month, Fastly revealed that TikTok was its largest single customer, accounting for 12% of H1 revenue. Will cities survive? Factset: FactSet Research Systems Inc.2018. Updated 2003 GMT (0403 HKT) August 6, 2020.

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Fastly's results may have not been strong enough to impress investors, who have already bid up the company's shares 443% year-to-date as of Thursday's close. Fastly stocks are down again because of TikTok, © Eduardo Parra/Europa Press/Getty Images. Fastly CEO Joshua Bixby said late Wednesday that TikTok is the company's largest customer, accounting for 12% of revenue in the first half of 2020. The recent news surrounding the possibility that the present government may ban the use of TikTok in the US will hurt Fastly significantly. Here's what he's been buying, and the beaten-down stocks he plans to grab after the pandemic.

Tom Marsico's growth fund has crushed its benchmark for 13 years — and returned 28 times its peers in 2020. Fastly shares plunged nearly 30% Thursday morning after the company said that demand from its largest customer — TikTok's owner, ByteDance … Fastly, Inc. - Get Report warned Tuesday that its third-quarter revenue will miss previous guidance because its largest customer, TikTok, made less use … All rights reserved. All rights reserved.

Currently, Microsoft is in the lead to acquire TikTok before September 15, for upward of $30 billion, turning the software giant into a potential white knight for Fastly and its growth story. "Any ban of the TikTok app by the US would create uncertainty around our ability to support this customer," Fastly CEO Joshua Bixby said on a quarterly earnings call.

Other news suggests that TikTok may get acquired by Microsoft.

Like us on Facebook to see similar stories, Chicago is the 'rattiest city' in America for the sixth year in a row, Where to find good, cheap pasta in every state. In a preliminary third-quarter earnings report, the cloud computing service said it expects quarterly revenue of about $70 million to $71 million, which falls below analyst projections of $73.5 million to $75.5 million. Fastly (NYSE:FSLY) shares are currently up 8.5% as the edge cloud platform company gains a tailwind from Oracle's new role as TikTok's "trusted technology … Nikola sheds 15% after CEO says it has plan to work without GM if deal falls apart », Oracle founder Larry Ellison donated $250,000 to pro-Lindsey Graham super PAC the day the TikTok deal was announced », Fastly Shareholder Notice: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Fastly, Inc. To Contact The Firm, SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Shareholders of Fastly, Inc. of a Class Action Lawsuit and a Lead Plaintiff Deadline of October 26, 2020 - FSLY, 4 Top Stock Trades for Monday: PTON, PFE, FSLY, SPAQ, Here's Why Fastly Is Falling Even More on Friday, Nano Dimension among tech gainers; Fastly and ReneSola among losers, Why Subscriber Counts Matter for GoPro Stock, Don’t Buy Fastly Stock: TikTok’s Demand Will Not Bounce Back.

Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. The revelation that Fastly's single largest customer is TikTok could also be weighing down shares. Here's why. Fastly had previously disclosed that TikTok was its largest customer. We asked an expert if it's safe to go, Lavender sales are soaring due to Covid-19. TikTok is another point of concern for Fastly. TikTok, however, remains Fastly's largest user.

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Fastly is a content delivery network (CDN) whose claim to fame is that their biggest customer is ByteDance, which owns the popular TikTok app Read more: Tom Marsico's growth fund has crushed its benchmark for 13 years — and returned 28 times its peers in 2020. All times are ET. "Due to the impacts of the uncertain geopolitical environment, usage of Fastly's platform by its previously disclosed largest customer did not meet expectations, resulting in a corresponding significant reduction in revenue from this customer," the company wrote.

Fastly's biggest customer is known to be China-based ByteDance, the current owner of the popular video-sharing app TikTok, which the Trump administration has called a …

Disclaimer. "Any ban of the TikTok app by the US would create uncertainty around our ability to support this customer," Bixby said on an earnings call in August. The Oracle-TikTok tailwind is just the latest gust for Fastly's sales with the stock up 279% YTD due to the pandemic-related work from home shift.

Here's what he's been buying, and the beaten-down stocks he plans to grab after the pandemic.

Registration on or use of this site constitutes acceptance of our, Visit Business Insider's homepage for more stories, Morgan Stanley's top auto analyst told us why space investing is in danger of dot-com-style hysteria - and shared his best ideas for profiting from the booming theme. Fastly (FSLY), a cloud computing service provider, has risen 364% in the Nasdaq in 2020, and has even outpaced Zoom during the pandemic.

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