Akamai Technologies (AKAM) rose Wednesday 2.6% to $82.16 after the cloud services company beat Wall Street's first-quarter earnings expectations and raised its full year guidance.
The Cambridge, Massachusetts-based company reported net income rose of $107.1 million, or 65 cents a share, up from $53.71 million, or 31 cents a share, a year ago. Adjusted income came to $1.10 a share, beating analysts' forecasts of $1.02. Revenue increased 5.7% to $706.5 million, ahead of Wall Street's projection of $698.3 million.
Web division revenue rose 7% to $376 million. Media and carrier division revenue was $330 million, up 5% year over year. Cloud Security Solutions revenue was $190 million, up 27% year over year. U.S. revenue was $418 million, down 1% year-over-year, while international revenue rose 17% to $288 million.
Akamai said it expects second-quarter revenue between $688 million and $702 million, while analysts were expecting $693.3 million.
The company said it now expects full-year revenue between $2.82 billion and $2.86 billion, with adjusted earnings per share between $4.05 and $4.20. Analysts, on average, were expecting revenue of $2.84 billion and a profit of $4.10 a share.
"The outperformance was driven by the continued very strong growth of our security business, very strong traffic growth from our media business and our ability to improve efficiency while continuing to invest in innovation and new products to drive future growth," CEO Tom Leighton said in a statement.