Akamai Technologies: Q3 Earnings Snapshot
CAMBRIDGE, Mass. (AP) — CAMBRIDGE, Mass. (AP) — Akamai Technologies Inc. (AKAM) on Tuesday reported third-quarter net income of $160.5 million.
The Cambridge, Massachusetts-based company said it had net income of $1.04 per share. Earnings, adjusted for one-time gains and costs, were $1.63 per share.
The results beat Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.51 per share.
The cloud services provider posted revenue of $965.5 million in the period, which also topped Street forecasts. Eight analysts surveyed by Zacks expected $944.6 million.
For the current quarter ending in December, Akamai Technologies expects its per-share earnings to range from $1.57 to $1.62.
The company said it expects revenue in the range of $985 million to $1 billion for the fiscal fourth quarter.
Akamai Technologies expects full-year earnings in the range of $6.08 to $6.13 per share, with revenue ranging from $3.8 billion to $3.82 billion.
Akamai Technologies shares have increased 29% since the beginning of the year, while the S&P’s 500 index has increased 14%. In the final minutes of trading on Tuesday, shares hit $108.87, a climb of 30% 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