Akamai Tech. Profit Tops Estimates; Stock Up 7% - Quick Facts

(RTTNews) - Akamai Technologies Inc. (AKAM), a provider of cloud services, Wednesday reported third-quarter net income of $80 million or $0.44 per share, compared with $48 million or $0.27 per share last year.

Results for the recent quarter included an $8 million depreciation benefit and a $17 million tax benefit.

Excluding items, adjusted earnings for the quarter were $90 million or $0.50 per share, compared with $69 million or $0.38 per share a year ago.

Revenues for the quarter were $396 million, up 15% from $345 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.46 per share on revenues of $387.54 million for the quarter. Analysts' estimates typically exclude special items.

The company's board has authorized a new $750 million share repurchase program, effective from October 16, 2013 through December 2016.