Why Akamai Stock Tanked Today
Shares of Akamai Technology (NASDAQ: AKAM) have tanked today, down by 9% as of 2:50 p.m. EDT, after the company reported third-quarter earnings. The results beat expectations, but the broader market is selling off due to macroeconomic fears caused by rising COVID-19 cases.
Revenue in the third quarter increased 12% to $793 million, comfortably ahead of the $775.2 million in sales that analysts were modeling for. That resulted in adjusted net income of $216 million, or $1.31 per share. Wall Street was looking for just $1.23 per share in adjusted profits. The content delivery network (CDN) technology specialist said cloud security revenue jumped 23%.
Image source: Akamai Technology.
Source Fool.com
