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Why Akamai Stock Tanked Today

TheMotleyFool

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Shares of Akamai Technologies (NASDAQ: AKAM) tanked today, down by 12% as of 11:15 a.m. EST, after the company reported fourth-quarter earnings. The results topped expectations, but Akamai also announced a corporate reorganization.

Revenue in the fourth quarter was $846 million, topping the $829.5 million in sales analysts were expecting. That resulted in adjusted earnings per share of $1.33, also slightly ahead of the consensus estimate of $1.31. The content delivery network (CDN) technology company repurchased $72.5 million worth of stock during the quarter.

Image source: Getty Images.

Source Fool.com

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