Akamai Technologies: Q1 Earnings Snapshot
CAMBRIDGE, Mass. (AP) _ Akamai Technologies Inc. (AKAM) on Tuesday reported first-quarter profit of $155.7 million.
On a per-share basis, the Cambridge, Massachusetts-based company said it had net income of 94 cents. Earnings, adjusted for one-time gains and costs, came to $1.38 per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.30 per share.
The cloud services provider posted revenue of $842.7 million in the period, also exceeding Street forecasts. Eight analysts surveyed by Zacks expected $829.7 million.
Akamai Technologies shares have increased slightly since the beginning of the year, while the S&P’s 500 index has increased 11%. In the final minutes of trading on Tuesday, shares hit $105.19, an increase of almost 8% in the last 12 months.