Akamai Technologies Stock Crumbles on Weak Current Quarter Guidance
Akamai Technologies Inc. (AKAM) - Get Akamai Technologies, Inc. Report shares were down 14.1% to $45.76 in morning trading Wednesday after the cloud services company provided downbeat revenue and earnings guidance for the current quarter despite topping analyst estimates for the second quarter.
The Cambridge, MA-based company expects to generate third quarter earnings between 57 cents and 60 cents per share on revenue between $604 million and $616 million, below analysts' consensus estimates of 61 cents per share on revenue $619.4 million.
In the just concluded quarter, Akamai reported earnings of 62 cents per share on revenue of $608.9 million. Analysts were expecting earnings of 60 cents per share on revenue of $604.5 million.
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