Thursday, April 28, 2011

Akamai Technologies Inc ( NASDAQ: AKAM ) plunged 15 % despite beating the street in Quarterly earnings

Akamai Technologies Inc
Akamai Technologies Inc ( NASDAQ:AKAM )1Q beats Street but outlook disappoints share plunged 15 % in early morning trade.

Net income in the quarter ended march 31 fell to $50.6 million, or 26 cents per share, from $40.9 million, or 22 cents per share, a year earlier. Adjusted earnings, excluding items such as stock based compensation costs, was 38 cents per share narrowly beating the estimate of 37 cents per share.

Revenue grew 15 percent to $276.0 million from $240.0 million a year ago. That also beat the $272.5 million expected by analysts.

The company said on a conference call that it expects second-quarter revenue of $270 million to $280 million and adjusted earnings per share of 34 cents to 37 cents. Analysts had been looking for second-quarter revenues of $280.4 million and adjusted earnings of 38 cents per share.

( Source: Forbes )


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