Akamai Technologies (AKAM) Tops Q4 EPS by 10c; New $1B Stock Buyback Approved

Akamai Technologies (NASDAQ: AKAM) reported Q4 EPS of $0.72, $0.10 better than the analyst estimate of $0.62. Revenue for the quarter came in at $579 million versus the consensus estimate of $560.72 million.

The Company also announces today that its Board of Directors has authorized a new $1 billion share repurchase program, effective from February 9, 2016 through December 31, 2018. The Company's goal for this program is to offset the dilution created by its employee equity compensation programs and provide the flexibility to increase its capital distributions to shareholders as business and market conditions warrant.

The timing and amount of any shares repurchased will be determined by the Company's management based upon the evaluation of market conditions and other factors. Repurchases will be executed in the open market subject to Rule 10b-18, and may also be made under a Rule 10b5-1 plan, which would permit the Company to repurchase shares when the Company might otherwise be precluded from doing so under insider trading laws. Other structured repurchase programs may be considered from time to time. The Company may choose to suspend, expand or discontinue the repurchase program at any time.

The Company spent $100 million in the fourth quarter to repurchase 1.7 million shares of its common stock at an average price of $60.14 per share, under the Company's previous share repurchase plan. For the full-year, the Company spent $303 million to repurchase 4.5 million shares of its common stock at an average price of $67.05 per share.

The Company had approximately 177 million shares of common stock outstanding as of December 31, 2015.

For earnings history and earnings-related data on Akamai Technologies (AKAM) click here.

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