Akamai Technologies on Tuesday reported second-quarter earnings and revenue that topped Wall Street targets, sending AKAM stock up.
For the quarter ending June 30, Akami earnings rose 10% to $1.49 an adjusted share. Revenue climbed 4% to $936 million, said the Cambridge, Mass.-based company.
Analysts expected Akamai earnings of $1.41 a share on revenue of $930 million. A year earlier, Akamai earned $1.35 a share on sales of $903 million.
AKAM stock popped 5% to 99.65 in extended trading on the stock market today. Akamai stock had gained 13% for 2023 as of Monday's market close.
AKAM Stock Technical Ratings
Akamai is the biggest provider of content delivery network services that also increase the speed of e-commerce transactions and business software downloads.
In addition, Akamai has expanded into cybersecurity services. There, it competes with Cloudflare. In the second quarter, security revenue rose 14%, improving from 9% in the first quarter.
Meanwhile, the company said second-quarter earnings before interest, taxes, depreciation and amortization, or EBITDA, was flat at $388 million but topped estimates of $378 million.
Heading into the Akamai earnings report, the stock owned an entry point of 94.19 and traded in a buy zone.
Also, Akamai had a Relative Strength Rating of 78 out of a best-possible 99, according to IBD Stock Checkup.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
