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Akamai Technologies: Q2 Earnings Snapshot
By AP News - Aug 08, 2024, 05:01 PM ET
Last Updated - Aug 08, 2024, 05:01 PM EDT
CAMBRIDGE, Mass. (AP) — CAMBRIDGE, Mass. (AP) — Akamai Technologies Inc. (AKAM) on Thursday reported second-quarter earnings of $131.7 million.
The Cambridge, Massachusetts-based company said it had profit of 86 cents per share. Earnings, adjusted for one-time gains and costs, were $1.58 per share.
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The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.54 per share.
The cloud services provider posted revenue of $979.6 million in the period, which also topped Street forecasts. Seven analysts surveyed by Zacks expected $976.4 million.
For the current quarter ending in September, Akamai Technologies expects its per-share earnings to range from $1.56 to $1.62.
The company said it expects revenue in the range of $988 million to $1.01 billion for the fiscal third quarter.
Akamai Technologies expects full-year earnings in the range of $6.34 to $6.47 per share, with revenue ranging from $3.97 billion to $4.01 billion.
Akamai Technologies shares have declined 23% since the beginning of the year, while the S&P's 500 index has risen 11%. In the final minutes of trading on Thursday, shares hit $91.52, a decrease of nearly 4% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AKAM at https://www.zacks.com/ap/AKAM
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