AKAM - Akamai surges 10% as Q1 results guidance blow past expectations

2023-05-10 15:10:31 ET

Akamai Technology ( NASDAQ: AKAM ) shares surged nearly 10% on Wednesday as the content delivery network company reported first-quarter results and issued guidance for the rest of the year that handily topped Wall Street expectations.

For the period ending March 31, Akamai ( AKAM ) earned $1.40 per share, excluding one-time items as revenue rose 1.4% year-over-year to $916M. Adjusted EBITDA during the period fell 4% year-over-year to $376M.

Analysts were expecting the company to earn $1.32 per share on an adjusted basis and generate $912.13M in sales.

Looking to the second-quarter, Akamai Technology ( AKAM ) expects sales to be between $923M and $937M, topping the $920.24M consensus.

Full-year sales are forecast to be between $3.784B and $3.785B, above the $3.73B consensus. Full-year earnings are forecast to be between $5.69 and $5.84 per share, excluding one-time items, above the $5.48 per share consensus.

Akamai's strong results led to gains in its competitors, including Fastly ( FSLY ), which gained more than 5% in late day trading.

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