Akamai Technologies shares surge 3% on Q3 beat & raised guidance

Akamai Technologies (NASDAQ:) shares gained more than 3% after-hours following the company’s reported Q3 results, with EPS of $1.63 coming in better than the consensus estimate of $1.50.

Revenue grew 9% year-over-year to $965 million, beating the consensus estimate of $943.87M.

“Security and cloud computing revenue growth accelerated and together now account for 61% of our total revenue. In addition, our cost savings initiatives helped improve margins while we continue to invest in key growth areas,” said CEO Tom Leighton.

The company expects Q4/23 EPS to be in the range of $1.57-$1.62, better than the consensus of $1.54, and revenue in the range of $0.985-$1.005 billion, compared to the consensus of $0.986B.

For the full year, the company expects EPS of $6.08-$6.13, better than the consensus of $5.92, and revenue of $3.802-$3.822B, compared to the consensus of $3.78B.