Akamai (AKAM) Reports Q3: Everything You Need To Know Ahead Of Earnings
Stock Story
Published Nov 06, 2023 02:02AM ET
Updated Nov 06, 2023 06:34AM ET
Akamai (AKAM) Reports Q3: Everything You Need To Know Ahead Of Earnings
Web content delivery and security company Akamai (NASDAQ:AKAM) will be reporting earnings tomorrow afternoon. Here's what you need to know.
Last quarter Akamai reported revenues of $935.7 million, up 3.6% year on year, in line with analyst expectations. It was a decent quarter for the company, with strong sales guidance for the next quarter. Additionally, the company raised its revenue and EPS guidance for the full year.
Is Akamai buy or sell heading into the earnings? Find out by reading the original article on StockStory.
This quarter analysts are expecting Akamai's revenue to grow 7% year on year to $943.4 million, improving on the 2.5% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.50 per share.
Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company only missed Wall St's revenue estimates once over the last two years, and has on average exceeded top line expectations by 0.8%.
Looking at Akamai's peers in the software development segment, some of them have already reported Q3 earnings results, giving us a hint what we can expect. F5 Networks (NASDAQ:FFIV) delivered top-line growth of 1% year on year, beating analyst estimates by 0.7% and Cloudflare (NYSE:NET) reported revenues up 32.2% year on year, exceeding estimates by 1.5%. F5 Networks traded down 2.2% on the results, Cloudflare was down 7.7%.
Read the full analysis of F5 Networks's and Cloudflare's results on StockStory.
The technology sell-off has been putting pressure on stocks and while some of the software development stocks have fared somewhat better, they have not been spared, with share price declining 2.7% over the last month. Akamai is up 2.6% during the same time, and is heading into the earnings with analyst price target of $111.3, compared to share price of $108.5.
The author has no position in any of the stocks mentioned.
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