How did FSLY's Q4 2024 earnings surprise investors?

**Fastly's Q4 2024 earnings did not significantly surprise investors**, as evidenced by the neutral analyst consensus rating and the average price target of $9. This indicates that the earnings results were largely in line with analysts' expectations. Here are the key details:

1. **Analyst Expectations**: The average analyst price target for Fastly's stock in Q4 2024 was $9, which suggests that analysts were not expecting a significant upside or downside from the earnings report.
2. **Earnings Performance**: Fastly reported record fourth-quarter revenue, exceeding the high-end of their guidance range. This is a positive indicator, but it does not necessarily surprise investors since it was already anticipated to some extent.
3. **Financial Metrics**: The company's fourth-quarter revenue was strong, with a year-over-year increase of 7.3%. However, the net loss of $38.0 million and the US$0.27 loss per share might have raised some concerns among investors, but these were also likely anticipated given the previous quarter's performance and the company's strategic shifts.
4. **Strategic Highlights**: Fastly's strategic growth initiatives and the achievement of record profits in previous quarters might have tempered any negative impacts of the financial metrics, leading to a more muted investor reaction.

Overall, while Fastly's Q4 2024 earnings report contained positive elements such as record revenue and strategic growth, the lack of significant surprises likely contributed to a relatively muted market response.