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Omar Venerio
Articles (1420) 

US Stock Market Rises Tuesday

Akamai Technologies posts earnings beat

U.S. stocks advanced on Tuesday morning after a volatile session on Monday, in which the Dow fluctuated by more than 900 points. The Dow Jones Industrial Average rose more than 245 points, or 1.02%, to 24,694, the S&P 500 index gained 0.98% to 2,667 and the Nasdaq Composite Index advanced 0.90% to 7,113.

Shares of Akamai Technologies Inc. (NASDAQ:AKAM) jumped more than 13% on Tuesday after the company reported third-quarter earnings. The company posted earnings of 94 cents per share on $669.63 million in revenue, reflecting 7.2% year-over-year growth. It beat earnings estimates by 11 cents and revenue expectations by $5.37 million.

By segment, Web Division's revenue grew 8% to $357 million. Media and Carrier Division revenue was $313 million, up 6% year over year. Revenue from Cloud Security Solutions increased 37% to $169 million, but sales in Internet Platform Customers declined 15% to $43 million. Excluding Internet Platform Customers, revenue was was $627 million, up 9% year over year.

By region, sales in the U.S. were consistent at $413 million, while international revenue grew 21% to $257 million.

Adjusted earnings before interest, taxes, depreciation and amortization were $273 million, an 18% increase from the prior-year quarter. The adjusted EBITDA margin was 41%, an increase of 4 percentage points. 

Moreover, the company announced its board of directors has authorized a new $1.1 billion share repurchase program. 



Global markets

In Europe, the U.K.'s FTSE 100 gained 0.14%, France's CAC 40 retreated 0.21%, Germany's Dax dipped 0.30% and Spain's IBEX 35 rose 0.06%.

In Asia, Japan's Nikkei 225 rose 1.45%, India’s BSE Sensex fell 0.52%, Hong Kong's Hang Seng lost 0.91%and China's Shanghai Composite gained 1.02%.

Disclosure: The author holds no positions in any stocks mentioned.

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About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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