Akamai Technologies, Inc. (NASDAQ:AKAM) stock fell 0.12% (As on August 10, 11:40:52 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the second quarter of FY 22. Security revenue was $381 million, up 17% year-over-year and up 21% when adjusted for foreign exchange. Delivery revenue was $417 million, down 11% year-over-year and down 8% when adjusted for foreign exchange. Compute revenue was $106 million, up 74% year-over-year and up 78% when adjusted for foreign exchange. Non-GAAP net income was $216 million, a 7% decrease from second quarter 2021. Non-GAAP income from operations was $262 million, a 3% decrease from second quarter 2021. Non-GAAP operating margin for the second quarter was 29%, down 3 percentage points compared to the same period last year. U.S. revenue was $477 million, up 6% year-over-year. International revenue was $426 million, up 6% year-over-year and up 13% when adjusted for foreign exchange.

AKAM in the second quarter of FY 22 has reported the adjusted earnings per share of $1.35, beating the analysts’ estimates for the adjusted earnings per share of $1.31, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 9 percent to $903.3 million in the second quarter of FY 22, beating the analysts’ estimates for revenue of $897.4 million. Adjusted EBITDA was $388 million, a 1% increase from second quarter 2021. Cash from operations for the second quarter of 2022 was $341 million, or 38% of revenue. Cash, cash equivalents and marketable securities was $1.3 billion as of June 30, 2022. Akamai spent $165 million in the second quarter of 2022 to repurchase 1.6 million shares of its common stock at an average price of $100.80 per share.

On the other hand, the company released a new State of the Internet report showing that web application attacks on the gaming industry more than doubled over the past year. The new report, Gaming Respawned, notes these attacks come in the wake of booming popularity and demand for cloud gaming platforms. Attacks on web applications in the gaming sector puts player accounts at risk of being compromised by cyber criminals resulting in the selling of gaming accounts and theft of personal information including credit card data. The micro transaction market is reportedly expected to reach $106.02B by 2026 creating a massive target for attackers. The report also finds that the gaming industry is targeted for 37 percent of all DDoS attacks.