Akamai Technologies: Q2 Earnings Snapshot
CAMBRIDGE, Mass. (AP) _ Akamai Technologies Inc. (AKAM) on Tuesday reported second-quarter earnings of $119.5 million.
The Cambridge, Massachusetts-based company said it had profit of 74 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, were $1.35 per share.
The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.31 per share.
The cloud services provider posted revenue of $903.3 million in the period, also beating Street forecasts. Eight analysts surveyed by Zacks expected $897.4 million.
Akamai Technologies shares have fallen 19% since the beginning of the year, while the S&P’s 500 index has dropped 14%. In the final minutes of trading on Tuesday, shares hit $95.01, a decrease of 17% in the last 12 months.