By Levi Sumagaysay
Akamai Technologies Inc. AKAM shares rose after hours Tuesday after the content delivery network provider reported growth in the company’s security and media solutions amid a gain in internet traffic during the COVID-19 pandemic. CEO Tom Leighton called the second-quarter results “outstanding” as over-the-top services, gaming releases and software downloads increased. Akamai shares climbed about 1% to $113 after hours after falling 2% in the regular session to close at $111.99. The company reported second-quarter net income of $162 million, or 98 cents a share, compared with $114 million, or 69 cents a share, in the year-ago period. Adjusted earnings were $1.38 a share after adjusting for foreign exchange. Revenue, which was up across all its businesses including its cloud security and internet platform offerings, rose to $795 million from $705 million in the year-ago quarter. Analysts surveyed by FactSet had forecast adjusted earnings of $1.21 a share on revenue of $767 million. Akamai’s shares are up 29% in 2020, while the S&P 500 Index /zigman2/quotes/210599714/realtime SPX +0.31% has risen 0.4% this year.