Akamai 1Q Beats Street but Outlook Disappoints

Internet backbone company Akamai Technologies Inc. said Wednesday that its first-quarter net income rose thanks to higher revenue boosted by demand for its cloud computing solutions. Nevertheless its second-quarter outlook disappointed analysts and shares fell.

Revenue grew 15 percent to $276.0 million from $240.0 million a year ago. That as well beat the $272.5 million expected by analysts.

The company said on a conference call that it expects second-quarter revenue of $270 million to $280 million and adjusted revenues per share of 34 cents to 37 cents. Analysts had been looking for second-quarter earnings of $280.4 million and adjusted revenues of 38 cents per share.