SAN FRANCISCO (CBS.MW) - Akamai Technologies shares rose 19 percent Thursday morning after the provider of technology to deliver Internet content posted an operating profit one quarter ahead of expectations.
Akamai Technologies (AKAM, Trade) rose $2.20 to $13.65.
Late Wednesday, Akamai said it cut its loses to $2.1 million, or 2 cents per share, in the fourth quarter from $55.6 million, or 48 cents per share, a year ago.
The company reported an operating profit of 1 cent per share; two analysts covering the company had forecast a 1-cent-per-share loss, according to Thomson First Call. Analysts weren't expecting Akamai to report a profit until the first quarter of 2004.
Akamai also said revenue rose 28 percent to $45.2 million from $35.4 million a year earlier. The company also said on a conference call following the release that sales should grow 20 percent this year, up from previous goals targeting 15 to 20 percent growth.
"The fourth quarter of 2003 was our best quarter to date," George Conrades, chairman and CEO of Akamai, said in a press release. "We achieved the most revenue of any quarter; the most cash flow from operations in any quarter; and, marking the most important improvement in our five-year history, we generated positive earnings per share on a normalized basis. All of this capped a year of consistent revenue growth and rapidly declining losses."
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