Akamai Technologies: Q2 Earnings Snapshot

August 9, 2022 GMT

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.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AKAM at https://www.zacks.com/ap/AKAM