2024-01-31 15:34:33 ET
Summary
- Akamai delivered strong Q3 2023 results, beating expectations with revenue growth of 9% YoY and EPS growth of 29% YoY.
- The company has become a leader in the cybersecurity market, offering comprehensive edge security solutions.
- A comparison of the valuations of other cybersecurity companies shows that Akamai’s stock is trading at a steep discount to its peers.
Introduction
There aren't many companies that can accelerate their revenue in such a challenging macro environment. Akamai ( AKAM ), is one of them. The company delivered great results in the 3rd quarter of 2023, beating analysts' expectations on both the top and bottom lines. Revenue grew 9% year-over-year to $965 million, driven by strong performance in security and compute solutions, which represented 61% of total revenue and grew 20% year-over-year. EPS increased 29% year-over-year to $1.63, well above the consensus estimate of $1.5. The stock has gained over 40% since last year, outperforming the S&P 500 index (see below)....
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Akamai: An Undervalued Cybersecurity Company