Akamai’s Q2 profit up, short of expectations
CAMBRIDGE, Mass. (AP) – Akamai Technologies Inc. said its second-quarter net income rose 5 percent as demand for its Internet caching services grew despite the recession, but results missed expectations and shares tumbled 11 percent after-hours.
Net income in the three months ended June 30 grew to $36 million, or 19 cents per share, from $34 million, or 19 cents per share, in the same period a year ago. Akamai said its adjusted earnings per share totaled 40 cents per share in the latest period.
Revenue edged up to $205 million from $194 million a year ago.
The revenue and earnings results fell short of the expectations of analysts polled by Thomson Reuters, who, on average, forecast adjusted profit of 41 cents per share on $211 million in revenue.
Shares fell $2.40 to $18 in after-hours trading, after closing down a nickel at $20.40.