Akamai Technologies Remains Sharply Higher After Initial Jump

(RTTNews) - After gapping open sharply higher, shares of Akamai Technologies Inc. (AKAM) continue to see significant strength in afternoon trading on Tuesday. Akamai is currently up by 16.4 percent after reaching its best intraday level in nearly a month.

Akamai initially moved to the upside after the cloud services company reported third quarter adjusted earnings of $0.94 per share on revenues of $669.6 million. Analysts had expected Akamai to report earnings of $0.83 per share on revenues of $663.3 million.

The company also announced that its Board of Directors has authorized a new $1.1 billion share repurchase program.