Akamai Technologies Sitting at Session Lows
Shares of Akamai Technologies (NASDAQ: AKAM) are getting hit hard on Thursday after the company released its Q1 earnings report. The company reported net income of $43.2 million or $0.24 per share, compared to $50.6 million or $0.26 per share, in last year's corresponding period.
On a non-GAAP basis, net income was $75.2 million or $0.41 per share, versus $72.2 million or $0.38 per share, last year.
Revenues were up 16% to $319.4 million compared to $276.0 million in last year's first quarter.
Wall Street analysts had consensus EPS estimates of $0.38 on revenues of $310.70 million.
Despite beating Street estimates, AKAM is under significant pressure on Thursday. The stock is currently sitting at new lows for the day, down 11.85% to $34.24.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.