logo-loader
viewAkamai Technologies, Inc.

Akamai shares rise as Q2 results top Street views

share_price_up350_501199bd7d946.jpg

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.

Akamai's technology is used for delivering high-definition video, as online services like Netflix (NASDAQ:NFLX) and Hulu explode in popularity.

Quick facts: Akamai Technologies, Inc.

Price: 84.69 USD

NASDAQ:AKAM
Market: NASDAQ
Market Cap: $13.69 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Things coming together nicely in Greenland, says Bluejay Mining's CEO

Rod McIllree, Bluejay Mining PLC’s (LON:JAY) chief executive, tells Proactive that all three of its projects in Greenland are shaping up nicely with plenty of interest from mining giants. Dundas is the flagship and here a bulk sample of mineral sands has been shipped to a Rio Tinto facility...

20 hours, 11 minutes ago

2 min read