Internet content delivery company Akamai Technologies (NASDAQ:AKAM) saw shares rise Thursday, a day after announcing second quarter sales rose 20 per cent year-over-year, and adjusted income was up 18 per cent.
Company shares increased 22.44 per cent to $34.59 Thursday afternoon.
For the three months that ended June 30, Akamai reported a profit of $44 million, or 24 cents per diluted share, down 8 per cent from $48 million, or 25 cents per diluted share in the second quarter of last year.
Excluding items, net income was $78 million, or 43 cents per share, compared to $66 million, or 35 cents per share, in the earlier-year period.
Sales climbed 20 per cent to $331 million from $277 million in the second quarter of 2011.
Analysts were expecting earnings of 37 cents on revenues of $325.74 million
"Akamai’s very strong second quarter results were driven on the top line by increased adoption of our cloud infrastructure solutions as well as continued growth of content delivery solutions," said Akamai’s president and CEO, Paul Sagan.
"Our bottom line performance was the result of significant benefits we have begun to realize from improvements we are making to scale our network operations."
The company ended the quarter with over $1 billion in cash, equivalents and marketable securities.
Akamai bought back 2 million shares of its common stock for $67 million in the second quarter.
The internet data delivery company had roughly 178 million shares of common stock outstanding as at quarter end.