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Akamai net income surges 37 p.c. in Q3

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CIOL Bureau
New Update

BANGALORE,INDIA: Akamai Technologies, Inc., a provider in dynamic transactions and enterprise applications online, today reported financial results for the third quarter ended September 30, 2008.

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It posted a net income of $33.4 million that was up by 37 per cent year-over-year, or $0.18 per diluted share, said a press release.

The Company generated normalized net income of $74.2 million, or $0.40 per normalized diluted share, in the third quarter of 2008, a 19 per cent improvement over 2007 third quarter, it said. Revenue for the third quarter 2008 was recorded as $197.3 million, a 22 per cent increase over third quarter 2007 revenue of $161.2 million.

The normalized earnings of $62.4 million, or $0.34 per diluted share, was down compared to the second quarter 2008 normalized net income of $76.5 million, or $0.41 per diluted share.

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“We delivered solid earnings and revenue growth in an increasingly difficult environment, and year-to-date we’ve generated a quarter of a billion dollars in cash flow from operations,” said Paul Sagan, president and CEO of Akamai.

He added that they have continued to experience strong growth in their newer solutions, such as application performance services and dynamic site acceleration, and are excited about the introduction of Akamai’s advertising decision solutions product line complemented by the announcement of the pending acquisition of Acerno .

The adjusted EBITDA for the third quarter of 2008 was totaled up to $90.5 million with a 26 per cent increase over third quarter of 2007 with $71.9 million.

The cash from operations was $93 million in the third quarter of 2008. Year to date cash from operations was $251 million, an increase of 52 per cent over the same period last year, it said.

The number of customers under long-term services contracts at the end of the third quarter increased by 83 to a record 2,808, the release added.

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