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Akamai Stock Soared More Than 8% on Q3 Earnings Beat

Akamai stock (NASDAQ:AKAM) soared late in the day Monday as the company reported its latest quarterly earnings results on the day, which topped what analysts were calling for on both the profit and revenue fronts.

Akamai StockThe company said that for its third quarter of the fiscal year, it brought in adjusted earnings of 94 cents per share, which marked a 47% increase compared to its figures from the year-ago quarter. In the year-ago quarter, the company earned 62 cents per share.

Analysts were looking for Akamai Technologies to bring in adjusted earnings of 83 cents per share. The company also said that its revenue for the period surged 7% compared to the year-ago quarter, reaching $670 million, which is higher than what analysts were calling for in the Wall Street consensus estimate of $664.2 million, while also beating its year-ago total in revenue of $621.4 million.

The company specializes in offering content delivery services, while also serving as a cloud service provider. The company’s content delivery network serves between 15% and 30% of all traffic in the world.

AKAM stock is up about 8.8% after the bell on Friday as the company reported its latest results for the quarter, which were well ahead of what analysts were calling for in their consensus estimate. The company’s shares had been rising about 0.1% during regular trading hours on the day.

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