Analyst says Akamai’s 2nd-quarter results will likely top expectationsBy AP
Tuesday, July 6, 2010
Analyst: Akamai 2Q results to beat expectations
NEW YORK — Web traffic management company Akamai Technologies Inc. will likely report second-quarter results above Wall Street’s expectations, helped in part by an increase in Internet traffic from the World Cup, an analyst said Tuesday.
THE OPINION: Pacific Crest analyst Chad Bartley estimates that traffic on media sites grew roughly 76 percent year-over year in the second quarter. Bartley expects Akamai to post a profit of 35 cents per share. On average, analysts polled by Thomson Reuters forecast a profit of 33 cents per share.
Bartley said he would “take profits” in Akamai even though the company’s business is strong, as its shares are expensive and expectations are high.
Akamai plans to post its results on July 28.
THE STOCK: The company’s shares rose 79 cents, or 2 percent, to $40.36 in afternoon trading.
Tags: New York, North America, United States, World cup