Akamai Technologies 4Q profit rises 14 percent
Akamai Technologies Inc., which helps websites deliver content, said Wednesday its fourth-quarter net income rose 14 percent, but revenue missed forecasts and the company's stock slipped in late trading.
The company's net income for the quarter ended Dec. 31 rose to $68.3 million, or 38 cents per share, from $60.1 million, or 33 cents per share. Excluding stock-based compensation, amortization and other costs, earnings in the latest quarter amounted to 54 cents per share.
Revenue rose 17 percent to $377.9 million from $323.7 million.
Analysts surveyed by FactSet forecast, on average, adjusted earnings per share of 50 cents on revenue of $381.5 million.
In after-hours electronic trading, the stock slid 16 percent, or $6.73, to $34.85. The stock had closed regular trading up 53 cents at $41.58.
Akamai also said its board authorized the repurchase of up to $150 million in stock over the next year. During 2012, the company repurchased 4.4 million shares for about $141 million.
For the full year, Akamai earned $204 million, or $1.12 per share, on revenue of $1.37 billion.