FSLY stocks are trading 86% off their peak prices. A famous cloud computing service provider started to experience technical troubles two years ago along with the TikTok departure, which was its crucial client. Other corporate clients were considering to stop using Fastly services at the time. Management was trying to convince clients that technical issues would soon be resolved and every effort needed would be taken to improve product reliability. Indeed, the company managed to improve clients’ sentiment in early 2023, which led to FSLY stock prices surging by over 100%. There are some key drivers for the price, including the fact that Fastly revenues are critically sensitive to the capacities reserved by its customers. This is going to generate more revenue as internet traffic continues to rise. The Dollar-Based Net Expansion rate added 23% in the Q4 2022, which is beating comparable numbers from the previous year. The company has significantly diversified its client portfolio after TikTok left in 2021, and reduced its dependency on large customers. The number of clients hit 3000 amid growing reliability of Fastly infrastructure, and decreasing maintenance costs. The company’s spending to revenues ratio is declining, while margins are growing. Fastly market cap is at $2 billion with expected revenues at $500 million in 2023. In other words, this stock looks extremely attractive and undervalued considering its perspectives and current fundamentals.