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Akamai posts jump in 3Q net as revenue picks up

Wed, 10/27/2010 - 1:05pm
The Associated Press

Akamai Technologies Inc., a company that provides technology for managing Web traffic, posted a 21 percent increase in third-quarter earnings Wednesday, surpassing analysts' estimates.

The company's release did not provide specific projections for the fourth quarter, but Akamai CEO Paul Sagan said, "We believe we have solid momentum heading into our seasonally strongest quarter of the year."

Akamai's third-quarter net income climbed 21 percent to $39.7 million, or 21 cents per share, from $32.7 million, or 18 cents per share, a year ago.

Stripping out unusual items, earnings were 34 cents per share, a penny better than analysts expected, according to a Thomson Reuters survey.

Revenue climbed to $253.6 million from $206.5 million, while analysts were looking for revenue of $249.7 million.

Shares rose 16 cents to $50.55 in after-hours trading. They closed the regular session up $1.74, or 3.6 percent, at $50.39.

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