Written by StockNews.com

Akamai Technologies, Inc. (AKAM) late Tuesday posted market-beating first quarter earnings results and revenue showing strong results in their performance and security solutions, which grew 17% year-over-year which now account for over 60% of their overall revenue.

The Cambridge, MA-based cloud services giant reported Q1:

• earnings per share (EPS) of $0.69, which was $0.02 better than the Wall Street consensus estimate of $0.67 [and that]
• revenues rose 7.3% from last year to $609 million, also topping analysts’ view for $604.71 million.
  • Performance and Security Solutions revenue rose 17%,
  • Cloud Security Solutions revenue, which is a component of Performance and Security, jumped 36%, while
  • Media Delivery Solutions revenue fell 9% from last year.

...Dr. Tom Leighton, Chief Executive Officer, commented via press release:

“Q1 was a very solid quarter for Akamai on both the top and bottom lines.

We are especially pleased with the strong results of our performance and security solutions, which grew 17% year-over-year, or 18% in constant currency, and now account for over 60% of our overall revenue.

As we look forward, I remain excited about the opportunities that lie ahead, as Akamai is uniquely positioned to help our customers provide the highest quality and most secure digital experiences on the Internet.”

Akamai Technologies, Inc. shares fell $2.23 (-3.57%) to $60.27 in after-hours trading Tuesday. Year-to-date, AKAM had declined -6.24% prior to today’s report, versus a +7.28% rise in the benchmark S&P 500 index during the same period.

AKAM currently has a StockNews.com POWR Rating of C (Neutral), and is ranked #25 of 41 stocks in the Technology – Services category.