Akamai Technologies Inc. (NASDAQ: AKAM) reported Wednesday that its first-quarter net income rose to $50.6 million, or 26 cents per share, from $40.9 million, or 22 cents per share in the year-ago quarter. Revenue rose to $276 million from $240 million. Analysts, on average, expected the company to report earnings of 37 cents per share on revenue of $372.03 million.
"Continued demand for our value-added solutions, now comprising almost 60 percent of our business, drove our strong results in the first quarter," said Paul Sagan, CEO of Akamai. "We have built a portfolio of cloud computing solutions that leverages our intelligent Internet platform and is designed to address the diverse needs of businesses on the Web."
The Company also announced that its Board of Directors has authorized a second $150 million expansion of its share repurchase program, which is expected to be funded by cash from operations. The Company's goal for this program, which will extend for 12 months beginning in May 2011, is to offset dilution created by its equity compensation programs.
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