Akamai Technologies, Inc. (NASDAQ:AKAM) stock fell 10.01% (As on February 15, 11:22:57 AM UTC-4, Source: Google Finance) though the company posted better than expected results for the fourth quarter of FY 22. Security revenue for the fourth quarter was $400 million, up 10% year-over-year and up 14% when adjusted for foreign exchange. Delivery revenue for the fourth quarter was $415 million, down 12% year-over-year and down 8% when adjusted for foreign exchange. Compute revenue for the fourth quarter was $112 million, up 61% year-over-year and up 65% when adjusted for foreign exchange. U.S. revenue for the fourth quarter was $483 million, up 1% year-over-year. U.S. revenue for 2022 was $1.902 billion, up 4% year-over-year. International revenue for the fourth quarter was $445 million, up 4% year-over-year and up 12% when adjusted for foreign exchange. Non-GAAP income from operations for the fourth quarter was $258 million, a 9% decrease from fourth quarter 2021 non-GAAP income from operations of $283 million. Non-GAAP operating margin for the fourth quarter was 28%, down 3 percentage points from the same period last year. Non-GAAP net income for the fourth quarter was $216 million, an 11% decrease from fourth quarter 2021 non-GAAP net income of $243 million

AKAM in the fourth quarter of FY 22 has reported the adjusted earnings per share of $1.37, beating the analysts’ estimates for the adjusted earnings per share of $1.27, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 6 percent to $927.78 million in the fourth quarter of FY 22, beating the analysts’ estimates for revenue by 2.71%. Adjusted EBITDA* for the fourth quarter was $382 million, a 5% decrease from fourth quarter 2021 Adjusted EBITDA of $404 million.

Additionally, Cash from operations for the fourth quarter was $341 million, or 37% of revenue. Cash from operations for 2022 was $1.275 billion, or 35% of revenue. Cash, cash equivalents and marketable securities was $1.4 billion as of December 31, 2022. The Company spent $178 million in the fourth quarter of 2022 to repurchase 2.1 million shares of its common stock at an average price of $86.50 per share.

Meanwhile, the company has launched Akamai Connected Cloud, a massively distributed edge and cloud platform for cloud computing, security, and content delivery that keeps applications and experiences closer and threats farther away. Akamai also announced new strategic cloud computing services for developers to build, run, and secure highly performant workloads closer to wherever businesses and users connect online.