Akamai Technologies, Inc. (NASDAQ:AKAM) stock rose 9.49% (As on August 9, 11:23:32 AM UTC-4, Source: Google Finance) after the company beat the Street estimates for its second quarter due to  continued strength in the security and cloud computing solutions, which now represent approximately two-thirds of total revenue. The company’s bottom line came in at $131.69 million compared with $128.82 million, in last year’s second quarter. Security revenue was $499 million, up 15% year-over-year and up 16% when adjusted for foreign exchange. Delivery revenue was $329 million, down 13% year-over-year and down 12% when adjusted for foreign exchange. Compute revenue was $151 million, up 23% year-over-year and up 24% when adjusted for foreign exchange. U.S. revenue was $509 million, up 6% year-over-year. International revenue was $471 million, up 3% year-over-year and up 5% when adjusted for foreign exchange. Non-GAAP income from operations was $282 million, a 3% increase from second quarter 2023. Non-GAAP operating margin for the second quarter was 29%, flat from the same period last year. Cash from operations for the second quarter of 2024 was $431 million, or 44% of revenue. Cash, cash equivalents and marketable securities was $1.9 billion as of June 30, 2024.

AKAM in the second quarter of FY 24 has reported the adjusted earnings per share of $1.58, beating the analysts’ estimates for the adjusted earnings per share of $1.54, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 5 percent to $979.58 million in the second quarter of FY 24, beating the analysts’ estimates for revenue by 0.32%. Adjusted EBITDA was $409 million, a 5% increase from second quarter 2023.

Additionally, the Company spent $128 million in the second quarter of 2024 to repurchase 1.4 million shares of its common stock at an average price of $94.29 per share. The Company had 152 million shares of common stock outstanding as of June 30, 2024.

Akamai’s optimistic revenue projection for the third quarter stands between $988 million and $1.01 billion, surpassing analysts’ average forecast of $996.7 million. The company also projects an adjusted net income for the quarter at $1.56 to $1.62 per share, which beats the estimated $1.54 per share. The narrowed 2024 sales forecast ranges from $3.97 billion to $4.01 billion, maintaining a midpoint of $3.99 billion.