Why Akamai Technologies, Inc. Stock Plunged Today
Shares of Akamai Technologies (NASDAQ: AKAM) are plunging on Wednesday morning, trading down by 14% near 1 p.m, EDT.
The cloud-based content-delivery specialist reported second-quarter results on Tuesday night. Earnings fell 3% year over year, to $0.62 per share, while top-line sales increased 6.5%, to land at $609 million. Both results exceeded Wall Street's consensus estimates, but shares fell anyway because management's third-quarter sales guidance came in below expectations.
The Street was looking for next-quarter revenues near $619 million, but the official guidance range topped out at $616 million. Akamai's non-GAAP earnings guidance, on the other hand, was right in line with Wall Street's expectations at roughly $0.61 per share.
Source: Fool.com
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