Cloud company Akamai Technologies, Inc. (NASDAQ: AKAM) has announced financial results for the first quarter of 2024, reporting higher sales and profit.
- First-quarter revenue was $987 million, up 8% year-over-year on a reported and forex-adjusted basis
- Security and compute revenue represented 64% of total revenue in Q1, and combined grew 22% year-over-year
- Delivery revenue was $352 million in Q1, down 11% year-over-year and down 10% when adjusted for foreign exchange
- US revenue was $512 million, up 8% year-over-year; International revenue increased 7% annually to $475 million
- Q1 earnings per share came in at $1.11, up 79% year-over-year and up 81% when adjusted for foreign exchange
- Adjusted net income per share was $1.64, up 17% year-over-year and up 18% on a forex-adjusted basis
- Income from operations was $167 million in the March quarter, a 32% increase from the first quarter of 2023
- During the quarter, the company’s board of directors authorized a three-year, $2.0 billion share repurchase program