Cloud computing company Akamai saw stocks pop after it reported earnings and revenue that beat analysts' expectations. The enterprise software company posted earnings of 72 cents per share on revenue of $579 million, excluding items, better than the 62 cents on $569 million expected by Wall Street.
Akamai Technologies (NASDAQ: AKAM) reported Q4 EPS of $0.72, $0.10 better than the analyst estimate of $0.62. Revenue for the quarter came in at $579 million versus the consensus estimate of $560.72 million.
The Company also announces today that its Board of Directors has authorized a new $1 billion share repurchase program, effective from February 9, 2016 through December 31, 2018. The Company's goal for this program is to offset the dilution created by its employee equity compensation programs and provide the flexibility to increase its capital distributions to shareholders as business and market conditions warrant.
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