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Akamai Shares Rise After Company Reports Earnings

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Akamai (NASDAQ: AKAM) shares are up nearly 17 percent in after hours trading Wednesday as the company reported its quarterly results.

The cloud networking company reported revenue of $436 million, up 15% year-over-year, or up 20% year-over-year adjusted for ADS divestiture. Total revenue for 2013 was $1.578 billion, a 15% increase over 2012 revenue of $1,374 million, or up 18% adjusted for the ADS divestiture*.

It also reported GAAP net income of $80 million, up 18% year-over-year, or $0.44 per diluted share, up 16% year-over-year (includes $6 million, or $0.03 per diluted share, depreciation benefit).

F. Thomson Leighton, CEO of Akamai, stated that he was extremely pleased with strong growth across all of its solutions or products: "We were extremely pleased with how the business performed in the fourth quarter and throughout 2013, with strong growth across all our solution offerings and geographies."

During the fourth quarter of 2013, the Company spent $48 million to repurchase 1.1 million shares of its common stock, at an average price of $45.19 per share. For the full year the company spent $160 million to repurchase 3.9 million shares, at an average of $41.16 per share.

Posted-In: Tom LeightonEarnings News Guidance

 

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