Akamai Technologies, Inc. (NASDAQ: AKAM) reported financial results for the third quarter that ended September 30th, 2018. Revenue increased 7% and reached $670 million. The revenue increase was driven by a 37% increase year over year to $169 million on Cloud Security Solutions. Net income increased to $108 million, a 68% increase from a year prior.
“We are very pleased with our excellent results in the third quarter, which includes 37% year-over-year growth in our security business and tremendous growth in our earnings,” said Dr. Tom Leighton, Chief Executive Officer. “We are also pleased to report our fourth consecutive quarter of non-GAAP operating margin improvement. We are well on our way to achieving our 30% margin goal in 2020, while continuing to invest in innovation and new products to drive future growth."
Akamai announced that the Board of Directors have given the green light on a $1.1 billion share repurchase program that is effective starting November 1st, 2018 through December 31st, 2021.
Share value of Akamai Technologies rose over $67 (+8%) on after-hours trading.