Akamai Technologies is a leading provider of content delivery network (CDN) services and cloud security solutions, aimed at enhancing online experiences and protecting digital assets
The company helps businesses deliver their websites, applications, and other digital content efficiently and securely to users across the globe, optimizing load times and improving performance. Akamai’s comprehensive suite of services includes web performance optimization, application security, and internet of things (IoT) solutions, making it an essential partner for organizations looking to thrive in an increasingly digital world while safeguarding their data against cyber threats.
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The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how content delivery stocks fared in Q3, starting with Akamai (NASDAQAKAM).
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Since July 2024, Akamai has been in a holding pattern, floating around $92.99. The stock also fell short of the S&P 500’s 7.3% gain during that period.
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Shares of web content delivery and security company Akamai (NASDAQAKAM)
fell 13.7% in the afternoon session after the company reported weak third quarter earnings, with revenue guidance for the next quarter falling below Wall Street's estimates.
Also, the company recorded underwhelming sales growth during the quarter primarily due to softer-than-expected performance in the delivery segment, which saw a significant slowdown in traffic growth across key verticals like video streaming and gaming.
Web content delivery and security company Akamai (NASDAQAKAM) met Wall Street’s revenue expectations in Q3 CY2024, with sales up 4.1% year on year to $1.00 billion. On the other hand, next quarter’s revenue guidance of $1.01 billion was less impressive, coming in 2.1% below analysts’ estimates. Its non-GAAP profit of $1.59 per share was also in line with analysts’ consensus estimates.
