— Akamai Technologies, Inc. (NASDAQ: AKAM) reported its fourth-quarter 2019 adjusted earnings of $1.23 per share versus $1.13 per share expected.
— Total revenue grew 8% to $772 million versus $749.28 million expected. Excluding foreign exchange, revenue would have risen 9%.
— The results were benefited by the rapid growth of its cloud security business, robust seasonal traffic on its network and its continued focus on operational excellence.
— Division-wise, Web Division revenue increased by 9% year-over-year to $420 million. Media and Carrier Division revenue rose by 8% to $353 million.
— Cloud Security Solutions’ revenue was $238 million, up 29% year-over-year and when adjusted for foreign exchange.
— Revenue from Internet Platform Customers increased by 20% to $52 million. Revenue excluding Internet Platform Customers rose by 7% to $720 million.
— The US revenue rose by 3% year-over-year while international revenue jumped by 17%.
— The company believes that it is well-positioned to achieve a 30% non-GAAP operating margin goal in 2020, as it continues to invest in innovation and new products to drive future growth.
Stock markets shifted to recovery mode as the week came to a close, with the major indices closing higher after staying in the negative territory in the past few weeks.
Renewable energy companies have been gaining attraction in the market due to the strong potential they have. Many countries are now relying mainly on renewable energy for their power consumption.
Retail giant Costco Wholesale Corporation (NASDAQ: COST) reported higher earnings and revenues for the fourth quarter of 2020, reflecting a marked increase in merchandise sales. The results also topped analysts’