WASHINGTON (dpa-AFX) - Akamai Technologies, Inc. (AKAM) Wednesday reported a decline in profit for the second quarter, hurt mainly by higher expenses. However, normalized earnings came-in above analysts' expectations. Following the announcement, stock prices increased about 17.70 percent in the after-market hours.
Net income for the second quarter declined to $44.2 million or $0.24 per share from $47.9 million or $0.25 per share in the same period last year.
Normalized earnings were $78 million or $0.43 per share, compared to $66 million or $0.35 per share last year.
On average, 20 analysts polled by Thomson Reuters expected the company to earn $0.37 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues totaled $331.3 million, up from $277 million last year. Analysts expected revenues of $325.74 million for the quarter.
Costs and expenses for the quarter totaled $264.3 million, up from $203.8 million last year.
Akamai closed Wednesday's regular trade at $28.25, down 0.48%. Shares jumped 17.70 percent to $33.25, gaining $5.00 in the extended trade, on the Nasdaq.
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