Published , by Donovan Erskine
Published , by Donovan Erskine
Akamai (AKAM) is one of the biggest players in the cloud technology space, and today it provided a financial update to investors with its Q3 2023 earnings report. Akamai managed to clear both revenue and EPS expectations in the third quarter.
Akamai divulged its financial performance for the latest period in its Q3 2023 earnings result at the close of market today. The company was well over revenue expectations by scoring $965 million against a $944 million prediction. As for earnings-per-share, Akamai brought in $1.63, beating the $1.50 expectation.
"We are very pleased with our excellent third quarter performance on both revenue and profitability," said Dr. Tom Leighton, Akamai's Chief Executive Officer. "Security and cloud computing revenue growth accelerated and together now account for 61% of our total revenue. In addition, our cost savings initiatives helped improve margins while we continue to invest in key growth areas."
Akamai (AKAM) stock saw a decent bump in after-hours trading following the release of its earnings report. The stock price soared as high as $113.25 after ending the day at $108.86.
Akamai is one of several companies reporting earnings today. The list includes eBay, Corsair, and Lucid. Be sure to visit our market news topic page to keep up with all the earnings news of the week.