Akamai Technologies Stock Leads S&P 500 Decliners Following Weak Outlook | Global News Avenue

Shares of Akamai Technologies (My brother) Fall 20% to lead S&P 500 Deniers’ expectations were weaker Friday as expectations outperformed expectations for the fourth quarter results.

After Thursday’s bell, cybersecurity and cloud computing The company reported revenue of $1.02 billion, up 3% year-on-year, higher than the visible Alpha estimate. Adjustment Earnings per share (EPS) The $1.66 price fell 2%, but it was still better than analysts expected.

However, Akamai’s forward-looking forecasts masked the results for the fourth quarter. The company said it expects current revenue to be between $10 billion and $1.02 billion, and full-year revenue between $40 billion and $4.2 billion, both below consensus estimates.

Adjusted EPS is expected to be $1.54 to $1.59 in the first quarter and $6.00 to $6.40 in 2025, which is lower than expected $1.66 and $6.81, respectively.

Akamai Inks contracts with “one of the world’s largest technology companies”

Also on Thursday, Akamai announced it had signed a multi-year contract with one of the “world’s largest technology companies” to “enhance and improve” cloud infrastructure services for unidentified customers.

Since May 2023, Akamai shares have sunk to their lowest levels.