Tags: Akamai | Stock | Results | Estimates

Akamai Tech's Stock Surges as Results Top Estimates

Wednesday, 24 Apr 2013 05:16 PM

Shares Akamai Technologies Inc., a company that helps customers speed the delivery of online content, rose sharply in extended trading Wednesday after the company reported first-quarter profit and revenue that topped analysts’ estimates.

Shortly after 5 p.m. in New York, the stock was up 16 percent at $42, after closing up 1.8 percent at $36.09. The Cambridge, Massachusetts-based company has fallen 12 percent this year through Wednesday’s close, as the Standard & Poor’s 500 Index added 11 percent.

Profit, including an 8-cent tax benefit, was 51 cents a share during the period, compared with 36 cents a year earlier, according to a statement. That compared to an estimate of 46 cents, on average, according to data compiled by Bloomberg.

“We saw strong acceleration in our media-delivery solutions, made further traction in our management of network costs, and continued our investments to capitalize on what we see as the opportunities and megatrends shaping online business: cloud, mobile, video and security,” Chief Executive Officer Tom Leighton said in the statement.

Revenue for the period increased 15 percent to $368 million. Analysts had estimated $357.7 million.

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Shares Akamai Technologies Inc., a company that helps customers speed the delivery of online content, rose sharply in extended trading Wednesday after the company reported first-quarter profit and revenue that topped analysts estimates.Shortly after 5 p.m. in New York, the...
Akamai,Stock,Results,Estimates
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2013-16-24
Wednesday, 24 Apr 2013 05:16 PM
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