Akamai Net Income Slips 5% but Revenues rise 5% (AKAM)
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AKAM | Quote | Chart | News | PowerRating -- 10/28/2009-Akamai Technologies (NASDAQ:AKAM) reported Q3 EPS of 38 cents, bating consensus estimates of 35 cents. Revenues in the quarter rose 5% year-over-year to $206.5 million, and came in ahead of consensus estimates of $199.4 million. The company said it repurchased approximately 2 million shares of common stock for $36.2 million at an average price of $18.41 per share. Meanwhile, Akamai said the number of customers under recurring contracts at the end of the quarter rose to 3,031, an 8% increase year-over-year.
"We are pleased with Akamai's solid performance in the third quarter, with both promising signs of growth in high quality video online and continued strong demand for our value-added solutions," said Paul Sagan, president and CEO of Akamai. "Our results demonstrated our ability to leverage the Company's unique cost structure and scale while improving performance and reliability for our enterprise-class customers."
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