Akamai's Q3 shines with $498 million in revenue, $0.62 EPS
While social media titans are having an uneasy earnings season this week, Akamai scored high marks on its third quarter earnings report turned in after the bell on Wednesday.
Tech Earnings
The cloud services provider reported a net income of $91 million, or 50 cents per share (statement).
Non-GAAP earnings were 62 cents per share on a revenue of $498 million, up 26 percent year-over-year.
Wall Street was expecting earnings of 57 cents per share with revenue of $491.01 million.
In response to the better-than-expected results, Akamai shares started to climb by five percent initially in after-hours trading.
CEO Dr. Tom Leighton reflected on the quarter in prepared remarks:
Akamai delivered very strong third quarter financial results across every product and geography, with Media driving the top and bottom line performance above our guidance range. We continued to invest across our business to develop unique, innovative solutions designed to help our customers drive business online in an increasingly complex, hyper-connected world.
For the current quarter, Wall Street expects earnings of 62 cents per share and revenue of $531.54 million.