Akamai Technologies, Inc. (NASDAQ: AKAM) stock lost over 7.5% on October 28^th, 2020 (as of 10:41 am GMT-4; Source: Google finance) despite decent results for the third quarter of FY 20. The company generated Non-GAAP income from operations of $251 million, which represents a 20% increase from third quarter 2019. Non-GAAP operating margin for the third quarter was up 3 percentage points to 32%, from the same period last year. The company reported Non-GAAP net income of $216 million, which represents a 19% increase from third quarter 2019. The company generated cash from operations for the third quarter of 2020 of $402 million, or 51% of revenue. Cash, cash equivalents and marketable securities was $2.6 billion as of September 30, 2020.

AKAM in the third quarter of FY 20 has reported the adjusted earnings per share of $1.31, while reported the adjusted revenue growth of 11 percent to $792.9 million in the third quarter of FY 20.

Web Division has posted the revenue of $418 million, which is up 8% year-over-year and up 7% when adjusted for foreign exchange. Media and Carrier Division has posted the revenue of $375 million, which is up 16% year-over-year and when adjusted for foreign exchange. Revenue from Cloud Security Solutions was up 23% year-over-year and when adjusted for foreign exchange to $266 million. Revenue from Internet Platform Customers was up 15% year-over-year and when adjusted for foreign exchange to $51 million. The revenue excluding Internet Platform Customers was $742 million, up 11% year-over-year and when adjusted for foreign exchange. Geographically, U.S. revenue was up 6% year-over-year to $437 million. International revenue was $355 million, up 20% year-over-year and up 18% when adjusted for foreign exchange.

On the other hand, the company acquired Asavie, whose global platform manages the security, performance and access policies for mobile and internet-connected devices. Asavie’s mobile, IoT (“internet of things”) and security solutions will become part of Akamai’s Security and Personalization Services (“SPS”) product line sold to carrier partners that embed the solution within the technology bundle sold to their subscribers. The all-cash transaction is not expected to have a material impact on Akamai’s 2020 financial results nor impact its previously-stated operating margin goal for 2020.