Quick CEO Joshua Bixby on CNBC’s “Mad Money”.
Shares fell as fast as 28% in hours after the company lowered its third-quarter guidance.
The company, whose core technology helps companies deliver digital content to customers, said it now has revenue. million million dollars.5 $ .. 5 million dollars compared to the previous guidance of 8 million dollars. expects revenue of million 71 million to 71 million.
“Due to the effects of the uncertain geo-political environment, the use of Fastley’s platform by the largest customer previously announced did not meet expectations, resulting in a significant reduction in this customer’s revenue,” the company said in a submission.
Couldn’t quickly identify customer. However, CEO Joshua Bixby said on the company’s recent earnings call, Ticket OK is its largest customer, earning about 12% of revenue in the first six months of the year, sending the stock down about 20% based on advertising.
Ticket OK is embroiled in a complex geopolitical dance between China, where its parent company ByteDance is based, and the United States, President Donald Trump, has threatened to ban the application altogether unless a US buyer is found. Last month, the president approved a “in-concept” deal between TickTack, Oracle and Walmart that could allow the app to operate in the US, but the deal has not yet been finalized.
As of Wednesday’s close, the stock had risen 514% faster this year, the second-largest gain among cloud software companies, just behind the zoom, which jumped 648%.
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