---
title: "On November 29th, Fastly announced a restructuring plan: laying off 11% of its workforce to address challenges"
description: "Fastly recently announced a restructuring plan, laying off about 11% of its employees. This move is in response to the challenges the company is facing. Fastly expects to incur approximately $9.5 mill"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/211157559.md"
published_at: "2024-08-09T03:32:05.000Z"
---

# On November 29th, Fastly announced a restructuring plan: laying off 11% of its workforce to address challenges

> Fastly recently announced a restructuring plan, laying off about 11% of its employees. This move is in response to the challenges the company is facing. Fastly expects to incur approximately $9.5 million to $10 million in expenses in the third quarter of 2024, mainly including severance pay and employee benefits. The company's stock price fell by over 14% on Thursday, with a cumulative decline of nearly 67% for the year. In the second quarter, Fastly saw revenue growth, but net losses also increased. The CEO stated that this adjustment will allow the company to focus on edge cloud innovation and market transformation

According to the financial news app Zhitong Finance, content delivery network service provider Fastly (FSLY.US) recently announced a restructuring plan, including laying off approximately 11% of its global full-time employees. As part of this strategic adjustment, Fastly expects to incur costs of approximately $9.5 million to $10 million in the third quarter of 2024, mainly including severance pay, employee benefits, and other cash expenses related to the layoffs.

According to the company's disclosure, Fastly expects the layoffs and related cash payments to be completed before the end of this fiscal year, by December 31. Earlier this week, Fastly lowered its full-year 2024 performance expectations by 5%, causing its stock price to drop by over 14% at the close of trading on Thursday. So far, Fastly's stock price has fallen by nearly 67% year-to-date.

The latest financial report data shows that Fastly achieved revenue growth in the second quarter, increasing from $122.8 million to $132.4 million. However, the company's net loss reached $43.7 million, or a loss of 32 cents per share, an increase from a loss of $10.7 million or 8 cents per share in the same period last year. Adjusted earnings per share were 7 cents, slightly below the analyst's expected earnings per share of 8 cents as shown by FactSet data.

Fastly's CEO Todd Nightingale stated, "We are facing demand challenges from some of our largest customers, so we are taking measures to adjust our cost structure." He further noted, "This change will allow us to focus on edge cloud innovation and ongoing market transformation."

### Related Stocks

- [FSLY.US - Fastly](https://longbridge.com/en/quote/FSLY.US.md)

## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
| Insider Selling: Fastly (NYSE:FSLY) Insider Sells $115,224.69 in Stock | Fastly, Inc. insider Scott Lovett sold 6,573 shares of stock for $115,224.69 on February 18th, reducing his ownership by | [Link](https://longbridge.com/en/news/276494815.md) |
| Artur Bergman Sells 40,000 Shares of Fastly (NYSE:FSLY) Stock | Fastly, Inc. CTO Artur Bergman sold 40,000 shares of the company's stock at an average price of $17.53, totaling $701,20 | [Link](https://longbridge.com/en/news/276330738.md) |
| Fastly stock price has soared: does it have more upside? | Fastly's stock price surged to $18.25, marking a 273% increase from its 2025 low, driven by strong financial results and | [Link](https://longbridge.com/en/news/275996315.md) |
| Fastly CTO Artur Bergman Reports Disposal of Common Shares | Artur Bergman, CTO and Director of Fastly Inc., has reported the disposal of common shares of the company. The full fili | [Link](https://longbridge.com/en/news/275662011.md) |
| Fastly CTO Artur Bergman Reports Disposal of Common Shares | Artur Bergman, CTO and Director of Fastly Inc., has reported the disposal of common shares of the company. The full fili | [Link](https://longbridge.com/en/news/273299020.md) |

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.