Akamai’s Q2 profit up, short of expectations

The Associated Press

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.

More Broadband Direct 07/30/09:

• Cablevision announces 2Q results, Madison Square Garden spinoff [1]

• Motorola turns a profit in second quarter [2]

• Despite landline decline, Qwest up 18 percent in 2Q [3]

• Akamai's Q2 profit up, short of expectations [4]

• CommScope shares plunge after 2Q results [5]

• Broadband Briefs for 07/30/09 [6]