Akamai's stock rises 4% on sales, earnings beats
Akamai Technologies Inc.'s (AKAM) stock climbed 5% in extended trading Tuesday after the cloud company reported quarterly results that topped analyst revenue and earnings estimates. Akamai reported fiscal second-quarter net income of $128.8 million, or 84 cents a share, compared with net income of $137.8 million, or 62 cents a share, in the year-ago quarter. Adjusted earnings were $1.49 a share. Revenue improved 4% to $935.7 million from $903.3 million a year ago. Analysts surveyed by FactSet had expected on average net earnings of $1.41 a share on revenue of $930.4 million. Shares of Akamai are up nearly 13% this year, while the broader S&P 500 index has increased 17%.
-Jon Swartz
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08-08-23 1632ET
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