Akamai 1Q profit nearly doubles as sales rise 34 percent

CAMBRIDGE, Mass.—Web services provider Akamai Technologies Inc. said Wednesday its first-quarter profit nearly doubled, fueled by a diverse set of products and a broad customer base.

For the three months ended March 31, the company earned $36.9 million, or 20 cents per share, up 93 percent from $19.2 million, or 11 cents per share, in the same period a year earlier. Adjusted earnings were 41 cents per share in the latest quarter.

Revenue rose 34 percent to $187 million from $139.3 million.

Analysts, on average, were expecting a profit of 39 cents per share, excluding items, on sales of $188.2 million, according to a poll by Thomson Financial.

"Our performance illustrates the value of having a broad portfolio of solutions and a diverse set of customers," Paul Sagan, president and chief executive, said in a statement. "We saw strong demand for our services as businesses continued to take advantage of the Internet to build global scale and reduce costs associated with infrastructure build out."

Shares fell 25 cents to $35.52. The stock closed up 14 cents at $35.77.

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