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Stock Alert: Akamai Technologies Rises As Earnings Beat Estimates

Shares of Akamai Technologies Inc. (AKAM) are gaining more than 4 percent in the morning trade on Wednesday, at $100.38, after the cloud services provider's earnings for the fourth quarter topped analysts' estimates.

The stock has been trading in a range of $67.28 to $103.29 in the past 52 weeks.

Tuesday, Akamai Technologies said its net income for the fourth quarter was $119.10 million or $0.73 per share, up from $94.02 million or $0.57 per share in the year-ago period. Excluding items, adjusted earnings were $1.23 per share.

On average, analysts polled by Thomson Reuters expected the company to earn $1.13 per share. Analysts' estimates typically exclude special items. Revenue for the quarter also rose 8.2 percent to $772.12 million from $713.36 million last year.

Akamai Technologies attributed the increase in sales and earnings to the rapid growth of its cloud security business and robust seasonal traffic on its network. The company's earnings results have exceeded analysts' estimates in the past four quarters as well.

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