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What: Shares of Akamai Technologies (NASDAQ:AKAM) have popped today by as much as 21% following the company's first quarter earnings release.
So what: Revenue in the first quarter added up to $368 million, which translated into non-GAAP earnings per share of $0.51. Both top and bottom line results easily topped consensus estimates, which were calling for $357 million in sales, and $0.47 per share in adjusted profit. CEO Tom Leighton said the company saw acceleration in its media delivery solutions and continued investing in future opportunities.
Now what: Akamai repurchased $40 million in stock during the quarter, and still has $119 million remaining on the current authorization. Numerous analysts are bullish today following the results. JPMorgan upgraded the stock to "overweight," and Canaccord Genuity tweaked its estimates higher, while sticking by its "buy" rating. Canaccord said the results topped all expectations thanks to broad acceleration.
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