Akamai Technologies (AKAM) PT Lowered to $100 at Evercore ISI
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Akamai Technologies (AKAM) tops earnings expectations but strategy shift the main story
February 15, 2023 8:01 AM ESTAkamai Technologies (NASDAQ: AKAM) beat profit and revenue expectations when it reported earnings after the close on Tuesday, but its share price is down over 5% premarket.
The reported fourth-quarter earnings of $1.37 per share, $0.11 better than the analyst estimate of $1.26. Revenue for the quarter came in at $928 million versus the consensus estimate of $904.74 million.
Revenue rose 2% year-over-year, with security and compute revenue representing 55% of the total. Security revenue for the fourth quarter was $400 million, up 10% year-over-year, with delivery revenue at $415 million, down 12% year-over-year. Compute revenue came in at $112 million, up 61% year-over-year.
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