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Akamai Technologies 4Q profit rises 14 percent

Wed, 02/06/2013 - 5:51pm
The Associated Press

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.

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