AKAMAI TECHNOLOGIES Reports Positive Earnings Results for Second Quarter of FY2023

☀️Earnings Overview

For the second quarter of its fiscal year 2023, AKAMAI TECHNOLOGIES ($NASDAQ:AKAM) reported total revenue of USD 935.7 million, a 3.6% year-on-year rise, and net income of USD 128.8 million, a 7.8% year-on-year increase. The quarter ended on June 30, 2023.

Price History

On Tuesday, AKAMAI TECHNOLOGIES reported positive earnings results for the second quarter of FY2023. The stock opened at $94.4 and closed at $95.0, down by 0.4% from the previous closing price of 95.3. The company also reported strong growth in its product and cloud services segments compared to last year, which contributed to its overall positive performance. The company attributed its success to its decision to focus on providing innovative cloud services and digital media solutions for its customers.

This strategy enabled it to capitalize on the increasing demand for cloud-based services across all industries. AKAMAI TECHNOLOGIES also announced that it plans to continue investing in new technologies and services in the future, in order to remain competitive in the market and maintain its current growth rate. It believes that its future is bright and looks forward to continued success in the coming quarters. Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Akamai Technologies. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Akamai Technologies. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Akamai Technologies. More…

Key Ratios Snapshot

Some of the financial key ratios for Akamai Technologies are shown below. More…

Analysis

GoodWhale has conducted an analysis of the fundamentals of AKAMAI TECHNOLOGIES. The results show that AKAMAI TECHNOLOGIES is a medium risk investment with regards to financial and business aspects. We have also detected two risk warnings in the balance sheet, which are non-financial in nature. If you would like to gain access to these warnings, please register as a user on GoodWhale and check it out. More…

Peers

The competition between Akamai Technologies Inc and its competitors is fierce. Media Links Co Ltd, Cloudflare Inc, Rumble Inc are all vying for market share in the content delivery network (CDN) industry. Akamai has a strong foothold in the market, but its competitors are challenging Akamai’s dominance.

– Media Links Co Ltd ($TSE:6659)

Media Links Co Ltd is a Japanese company that specializes in the development and manufacture of equipment for digital audio and video signal transmission. The company has a market cap of 819.24M as of 2022 and a Return on Equity of -29.69%. Media Links Co Ltd is a publicly traded company on the Tokyo Stock Exchange.

– Cloudflare Inc ($NYSE:NET)

Cloudflare is an American web infrastructure and website security company, providing content delivery network services, DDoS mitigation, Internet security, and distributed domain name server services. Its network protects and speeds up millions of websites, APIs, SaaS services, and other properties connected to the Internet.

As of May 2021, Cloudflare had a market capitalization of $12.82 billion. It went public on September 15, 2009, at a price of $15 per share, and closed its first day of trading at $28.79 per share. The company’s stock trades on the New York Stock Exchange under the ticker symbol NET.

Cloudflare has a negative return on equity (ROE) of 19.43%. This is because the company reinvested a significant portion of its earnings back into the business to fuel growth.

– Rumble Inc ($NASDAQ:RUM)

Rumble Inc is a publicly traded company with a market capitalization of 3.8 billion dollars as of 2022. The company has a negative return on equity of 23.68%. Rumble Inc is a provider of online video streaming services. The company was founded in 2004 and is headquartered in San Francisco, California.

Summary

AKAMAI Technologies had a strong second quarter, ending June 30 2023, with total revenue of USD 935.7 million, a 3.6% increase from the previous year while net income increased 7.8% to USD 128.8 million. The strong financial performance is a promising indicator for investors as it suggests AKAMAI Technologies is well-positioned to capitalize on future growth opportunities. Additionally, the company’s sound fundamentals and strong financial results demonstrate their ability to create long-term value for shareholders. Going forward, investors should keep an eye on AKAMAI Technologies’ trajectory and continue to monitor the company’s progress in order to make informed investment decisions.