Akamai Technologies: Q1 Earnings Snapshot

CAMBRIDGE, Mass. (AP) — CAMBRIDGE, Mass. (AP) — Akamai Technologies Inc. (AKAM) on Thursday reported first-quarter earnings of $175.4 million.

On a per-share basis, the Cambridge, Massachusetts-based company said it had net income of $1.11. Earnings, adjusted for one-time gains and costs, were $1.64 per share.

The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.61 per share.

The cloud services provider posted revenue of $987 million in the period, falling short of Street forecasts. Seven analysts surveyed by Zacks expected $989.2 million.

For the current quarter ending in June, Akamai Technologies expects its per-share earnings to range from $1.51 to $1.56.

The company said it expects revenue in the range of $967 million to $986 million for the fiscal second quarter.

Akamai Technologies expects full-year earnings in the range of $6.20 to $6.40 per share, with revenue ranging from $3.95 billion to $4.02 billion.

Akamai Technologies shares have decreased 13% since the beginning of the year, while the S&P’s 500 index has increased slightly more than 9%. In the final minutes of trading on Thursday, shares hit $102.44, a climb of 30% in the last 12 months.


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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