Akamai’s Record-Breaking Quarter: Revenue Hits $1 Billion, But Income Takes a Tumble
Akamai Technologies reported its Q3 2024 financial results, boasting a record $1.005 billion in revenue, driven by a 17% increase in security and cloud computing solutions. While celebrating this milestone, Akamai’s CEO also hinted at future product innovations. For more laughs and numbers, visit Akamai’s Investor Relations page!
Hot Take:
Akamai’s latest financial results are like a mixed bag of Halloween candy. There’s the sweet surge in cloud and security revenue, but then there’s the bitter aftertaste of a restructuring charge. It’s the trick-or-treat of the corporate world, folks!
Key Points:
- Akamai’s revenue hit a record $1.005 billion in Q3 2024, crossing the billion-dollar mark for the first time.
- Security and cloud computing solutions grew by 17% year-over-year, now making up nearly 70% of total revenue.
- The company faced a significant $82 million restructuring charge, impacting net income figures.
- GAAP net income dropped by 64% compared to Q3 2023, with GAAP EPS sinking by 63%.
- Akamai repurchased 1.7 million shares of common stock, spending $166 million.
Already a member? Log in here