Akamai Q2 2023 Earnings Report
Key Takeaways
Akamai reported a 4% year-over-year revenue increase to $936 million, driven by strong security solutions and compute growth. The company increased guidance for full-year revenue and non-GAAP net income per diluted share.
Second quarter revenue was $936 million, up 4% year-over-year and up 4% when adjusted for foreign exchange.
Security and compute revenue represented 59% of total revenue and grew 14% year-over-year and 15% when adjusted for foreign exchange.
GAAP diluted EPS was $0.84, down 1% year-over-year and up 1% when adjusted for foreign exchange, and non-GAAP diluted EPS was $1.49, up 10% year-over-year and up 11% when adjusted for foreign exchange.
Guidance increased for full-year revenue and non-GAAP net income per diluted share.
Akamai
Akamai
Akamai Revenue by Segment
Akamai Revenue by Geographic Location
Forward Guidance
The Company reports the following financial guidance for the third quarter and full year 2023:
Positive Outlook
- Revenue (in millions): $937 - $952 (Three Months Ended September 30, 2023)
- Revenue (in millions): $3,765 - $3,795 (Year Ended December 31, 2023)
- Non-GAAP operating margin: 29% (Three Months Ended September 30, 2023)
- Non-GAAP operating margin: 29% (Year Ended December 31, 2023)
- Non-GAAP net income per diluted share: $1.48 - $1.52 (Three Months Ended September 30, 2023)
Challenges Ahead
- Non-GAAP net income per diluted share: $5.87 - $5.95 (Year Ended December 31, 2023)
- Non-GAAP tax rate: 16% (Three Months Ended September 30, 2023)
- Non-GAAP tax rate: 17% (Year Ended December 31, 2023)
- Shares used in non-GAAP per diluted share calculations (in millions): 155 (Three Months Ended September 30, 2023)
- Shares used in non-GAAP per diluted share calculations (in millions): 155 (Year Ended December 31, 2023)