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AKAM - Akamai Technologies Inc News Story

$105.43 0.1  0.0%

Last Trade - 8:06pm

Large Cap
Market Cap £12.34bn
Enterprise Value £12.92bn
Revenue £2.29bn
Position in Universe 664th / 6852

BUZZ-Akamai Technologies: Down after co announces reorganization; soft outlook

Wed 10th February, 2021 10:50am
** Cloud services co's shares  AKAM.O  fall 7.6% to $109
before the bell, set to snap four-day rally 
    ** Co to split into two new business groups, Security
Technology and Edge Technology, both of which will be supported
by a single global sales organization, effective March 1
    ** On earnings call, co says there was a 2% reduction in
headcount due to overlapping of roles 
    ** Co forecasts Q1 and full-year revenue in line with Street
expectations, but expects pandemic-related impacts on retail and
travel businesses
    ** We expect to see traffic continue to grow in 2021, but at
a rate more in line with pre-2020 historical levels - AKAMAI 
    ** Separately, AKAM's Q4 revenue and adj. profit per share
surpasses Wall Street expectations
    ** Stock up 12.4% YTD, as of Tuesday's close

 (Reporting by Eva Mathews in Bengaluru)
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