CAMBRIDGE, Mass. (AP) — CAMBRIDGE, Mass. (AP) — Akamai Technologies Inc. (AKAM) on Thursday reported first-quarter net income of $123.2 million.
The Cambridge, Massachusetts-based company said it had profit of 82 cents per share. Earnings, adjusted for one-time gains and costs, were $1.70 per share.
The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.58 per share.
The cloud services provider posted revenue of $1.02 billion in the period, also beating Street forecasts. Seven analysts surveyed by Zacks expected $1.01 billion.
For the current quarter ending in June, Akamai Technologies expects its per-share earnings to range from $1.52 to $1.58.
The company said it expects revenue in the range of $1.01 billion to $1.03 billion for the fiscal second quarter.
Akamai Technologies expects full-year earnings in the range of $6.10 to $6.40 per share, with revenue ranging from $4.05 billion to $4.2 billion.
Akamai Technologies shares have decreased 11% since the beginning of the year, while the S&P’s 500 index has dropped nearly 4%. In the final minutes of trading on Thursday, shares hit $85.55, a decrease of 16% 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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