B737 First Officer reported rejected takeoff due to a compressor stall in the number 2 engine.

Narrative

Crew elected to perform a max thrust takeoff on (dry) runway XXR in ZZZ from intersection taxiway 1 due to strong gusty crosswinds. CA was PF and set power on a rolling takeoff. Engines spooled to 40% normally then 60% normally during TOGA engagement. Engines continued to accelerate towards target N1. Just as they reached at this value; the number 2 engine had a very loud compressor stall and lost thrust. At this moment I would estimate the aircraft had reached 40-50 knots. Captain made appropriate correction to attempt to maintain centerline and simultaneously rejected the takeoff with proper technique. The asymmetric thrust combined with the right crosswind created a very strong turning force that we countered with rudder and brakes during the reject. As the PM I made the associated callouts and communications with ATC and PA. We stopped on the runway. We accomplished the rejected takeoff QRC which led us to shut down the right engine which was Idling. We continued with the NG engine failure checklist to ensure all proper actions were taken. We asked for ARFF (airport fire and rescue) to inspect the aircraft engines; flaps; tires; and fuselage and contacted maintenance and operations. We were instructed to shut down both engines and were then towed to a gate without further abnormality. No passengers or crew or equipment was hurt or damaged aside from the engine malfunction.