Akamai: higher quarterly EPS, but disappointing targets
"Revenues from both solutions (security and compute) collectively grew by more than 20%, to account for nearly two-thirds of total sales," stressed Tom Leighton, CEO of the cloud services group.
While its board has authorized a three-year, $2 billion share buyback program, Akamai has indicated that it only expects adjusted EPS of between $6.20 and $6.40, and revenues of between $3.95 and $4.02 billion, for the year 2024.
Our updated guidance reflects the impact of a stronger dollar, a major social media customer optimizing its costs, and slower traffic growth across the industry", explains CFO Ed McGowan.
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