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Akamai Technologies: 3Q Earnings Snapshot

·1 min read

CAMBRIDGE, Mass. (AP) _ Akamai Technologies Inc. (AKAM) on Tuesday reported third-quarter net income of $158.6 million.

The Cambridge, Massachusetts-based company said it had profit of 95 cents per share. Earnings, adjusted for one-time gains and costs, came to $1.31 per share.

The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.23 per share.

The cloud services provider posted revenue of $792.8 million in the period, which also topped Street forecasts. Nine analysts surveyed by Zacks expected $775.8 million.

Akamai Technologies shares have risen 24% since the beginning of the year, while the Standard & Poor's 500 index has increased 5%. In the final minutes of trading on Tuesday, shares hit $106.71, an increase of 19% 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