Shares of Akamai (NASDAQ:AKAM) slipped in after-market trading following the release of its Q3 results today. For the quarter, the company posted revenue of $396 million, or 15% above the $345 million in the same period the previous year. Net income was $79.8 million ($0.44 per diluted share), or 65% higher than Q3 2012's $48.2 million ($0.27).
Analysts had been expecting revenue of $388 million and EPS of $0.47.
Going forward, the company is anticipating Q4 EPS of $0.49 to $0.53 on revenue of $412 million to $430 million. Analysts are projecting a per-share net of $0.52 and top line of $424 million, on average.
Following the announcement of the results, Akamai's stock declined by 6.8%, or $3.52, to $51.87 in after-hours trading.
The company also announced that its board has authorized a fresh share repurchase program for up to $750 million worth of its stock. The initiative is effective from this past Oct. 16 through Dec. 31, 2016. It replaces an expired one that saw the company spend around $30 million to buy back roughly 700,000 shares in Q3.
At present, Akamai has just over 178 million shares outstanding.