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Akamai Technologies Inc. (AKAM) Sank To A 2-Month Low Due To Weak Q4 Revenues

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Akamai Technologies Inc. (AKAM: Quote) reported fourth quarter normalized net income of $0.54 per share after the close Wednesday, up from $0.45 per share a year ago. The consensus estimate was for EPS of $0.50. Revenues increased 17 percent to $377.87 million from $323.74 million in the same quarter last year, but missed the consensus estimate of $381.32 million.

The Company also announced today that its Board of Directors has authorized a $150 million extension of its share repurchase program.

Akamai Technologies gapped open sharply lower Thursday, but traded in a narrow range throughout the session. Shares finished down by 6.32 at $35.26 on the highest volume of the year. The stock dropped to a 2-month low and fell below its 50 and 200-day moving averages.

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by RTT Staff Writer

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