What Happened: Akamai Technologies Inc’s (NASDAQ:AKAM) network glitch affected the likes of Commonwealth Bank of Australia, Westpac Banking Corp (NYSE:WBK), and Australia & New Zealand Banking Group Ltd.

The Reserve Bank of Australia had to cancel a scheduled bond-buying operation due to the glitch. The central bank reportedly adopted workarounds and fixed the website.

Akamai acknowledged the issue and was actively working to restore services as soon as possible.

Why It Matters: Many of the websites affected on Thursday recovered within the hour. Some websites recovered after rerouting to other providers. Companies, including Hong Kong’s exchange and Southwest, were investigating the incident. The outage did not affect Southwest’s operations.

Akamai features high-level website and application hosting services that large enterprises use to serve content to millions of users simultaneously.

Fastly’s edge computing model places servers in multiple locations to help websites serve users from the closest physical site. The model reduces the lag time, speeds up page-loading, and distributes the load on individual servers.

Price action: AKAM shares closed lower by 1.26% at $116.69 on Wednesday.