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Akamai Technologies: Q3 Earnings Snapshot
By AP News - Nov 07, 2024, 04:22 PM ET
Last Updated - Dec 16, 2024, 05:34 PM EST
CAMBRIDGE, Mass. (AP) — CAMBRIDGE, Mass. (AP) — Akamai Technologies Inc. (AKAM) on Thursday reported third-quarter profit of $57.9 million.
The Cambridge, Massachusetts-based company said it had profit of 38 cents per share. Earnings, adjusted for non-recurring costs and stock option expense, were $1.59 per share.
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The results matched Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was also for earnings of $1.59 per share.
The cloud services provider posted revenue of $1 billion in the period, which also matched Street forecasts.
For the current quarter ending in December, Akamai Technologies expects its per-share earnings to range from $1.49 to $1.56.
The company said it expects revenue in the range of $995 million to $1.02 billion for the fiscal fourth quarter.
Akamai Technologies expects full-year earnings in the range of $6.31 to $6.38 per share, with revenue ranging from $3.97 billion to $3.99 billion.
Akamai Technologies shares have declined 12% since the beginning of the year, while the S&P's 500 index has risen 25%. In the final minutes of trading on Thursday, shares hit $103.65, a fall of nearly 5% 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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