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Why Akamai Stock Tanked Today

TheMotleyFool

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Shares of Akamai Technology (NASDAQ: AKAM) have tanked today, down by 9% as of 2:50 p.m. EDT, after the company reported third-quarter earnings. The results beat expectations, but the broader market is selling off due to macroeconomic fears caused by rising COVID-19 cases.

Revenue in the third quarter increased 12% to $793 million, comfortably ahead of the $775.2 million in sales that analysts were modeling for. That resulted in adjusted net income of $216 million, or $1.31 per share. Wall Street was looking for just $1.23 per share in adjusted profits. The content delivery network (CDN) technology specialist said cloud security revenue jumped 23%.

Image source: Akamai Technology.

Source Fool.com

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