Akamai Technologies Earnings: AKAM Stock Dips as CFO Retires, EPS Beat

Akamai Technologies earnings (NASDAQ:AKAM) were unveiled late in the day on Tuesday and the company posted solid results that included a profit and revenue beat, although the cloud service provider’s results were overshadowed by the announcement that one of its leaders will be calling it a day.

Akamai Technologies EarningsThe Cambridge, Mass.-based company said that for its fourth quarter of its fiscal 2018, it posted net income of $94 million, or 57 cents per share. The figure was a 241.8% gain when compared to its fourth quarter of its fiscal 2017, when it brought in net income of $27.5 million, or 16 cents per share.

On an adjusted basis, Akamai Technologies brought in earnings of $1.07 per share, which was stronger than the $1 per share that the Wall Street consensus estimate called for, according to data compiled by FactSet.

The cloud service provider added that its revenue for the period amounted to $713.4 million, an 8.3% improvement over the $658.5 million the company amassed during the year-ago quarter. Akamai Technologies was projected to bring in revenue of $703.7 million, according to data compiled by FactSet.

The company also said on Tuesday that its CFO Jim Benson would be retiring on March 1. Current senior vice president of finance Ed McGowan will take over on March 1 as CFO.

AKAM stock was down roughly 1.2% after the bell following the company’s earnings results and the news of its CFO retiring. Shares had been increasing about the same amount during regular trading hours Tuesday.

Article printed from InvestorPlace Media, https://investorplace.com/2019/02/akamai-technologies-earnings-akam-stock/.

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