Akamai shares rise on strong 1Q earnings
Stock shares of Akamai Technologies Inc. were up nearly 19 percent in morning trading Thursday after the Cambridge-based provider of Internet content delivery services issued strong results for its first quarter.
In a press release, Akamai said that first-quarter revenue rose 15 percent to $368 million on a year-to-year comparison basis. The company also reported first-quarter GAAP net income of $71 million, up 65 percent year-over-year.
“We are very pleased with our first quarter results, delivering better than expected revenue growth and EPS expansion,” Akamai chief executive Tom Leighton said in a statement. “We saw strong acceleration in our media delivery solutions, made further traction in our management of network costs, and continued our investments to capitalize on what we see as the opportunities and megatrends shaping online business: cloud, mobile, video, and security.”
At one point during mid morning, Akamai shares were up $6.75 to $42.84.Chris Reidy can be reached at firstname.lastname@example.org.