Akamai CEO Not Bashful About Buying Shares

Akamai Technologies (AKAM) CEO Dr. Tom Leighton is putting his money where his mouth is. Right now that’s got him smiling. After Akamai beat Wall Street analyst estimates on the top and bottom lines in its fourth quarter, Leighton announced his plan to buy $10 million in Akamai shares in the next six months. Those shares became more expensive, however, as the stock soared over 22% Wednesday after the company announced its 2015 fourth quarter earnings and a $1 billion share buyback plan to cover compensation costs. “I am really excited about Akamai,” said Leighton. “We are really profitable. We are growing rapidly. We have a great market position and a ton of potential for future growth.” For the most recent quarter, Akamai posted adjusted earnings of $0.72 cents a share, higher than analysts' estimates for $0.61 cents a share. Revenue was $579.2 million, beating analysts' expectations for $567.1 million.