Tags: Akamai | Stock | Sales | Fall

Akamai Stock Tumbles as Sales Fall Short

Wednesday, 06 Feb 2013 05:34 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Shares of Akamai Technologies Inc., a company that helps customers speed the delivery of online content, tumbled late Wednesday after sales missed estimates.

Fourth-quarter sales climbed 17 percent to $378 million, the Cambridge, Massachusetts-based company said in a statement. That trailed the $381.4 million predicted by analysts on average, according to data compiled by Bloomberg.

The results showed signs of softening demand for Akamai’s services, which help customers such as news sites and e-commerce retailers speed up their online offerings, said Chad Bartley, an analyst at Portland, Oregon-based Pacific Crest Securities.

“Revenue was definitely lighter than expectations,” he said. “Growth decelerated quite a bit in the fourth quarter.”

In aftermarketing trading, Akamai shares were quoted down 16 percent at $34.90. The stock, up 1.6 percent this year, had closed at $41.58 in New York.

In December, Akamai named co-founder Tom Leighton as its next chief executive officer after an eight-month search. He took the job on Jan. 1.

© Copyright 2014 Bloomberg News. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
You May Also Like
Around the Web
Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved