Earnings Summary: Akamai Technologies reports higher Q2 revenue and profit

Cloud company Akamai Technologies, Inc. (NASDAQ: AKAM) has announced financial results for the second quarter of 2024, reporting an increase in revenue and adjusted earnings.

• Second-quarter revenue was $979.6 million, up 5% year-over-year on a reported basis, and up 6% on forex-adjusted basis
• Security and compute revenue represented 66% of total revenue in Q2, and combined grew 17% year-over-year
• Delivery revenue was $329 million in Q2, down 13% year-over-year and down 12% when adjusted for foreign exchange
• US revenue was $509 million, up 6% year-over-year; International revenue increased 3% annually to $471 million
• Q2 earnings per share came in at $0.86, up 2% year-over-year and up 6% when adjusted for foreign exchange
• Adjusted net income per share was $1.58, up 6% year-over-year and up 9% on a forex-adjusted basis
• Income from operations was $148 million in the June quarter, a 1% decrease from the second quarter of 2023
• The company spent $128 million in Q2 to repurchase 1.4 million shares at an average price of $94.29 per share