Akamai Shares Surge On Earnings Beat, Reorganization, Buybacks

Akamai Technologies Inc. shares rallied in the extended session Tuesday after the Internet technology company topped Wall Street estimates for the quarter and announced a change to its organizational structure and share buybacks. Akamai shares surged 13% to $44.88 after hours. The company reported adjusted fourth-quarter earnings of 72 cents a share on revenue of $579.2 million. Analysts surveyed by FactSet had forecast 62 cents a share on revenue of $569 million. Akamai said it was re-alighing its products and marketing teams into two divisions focused on media and Web customers. The company also said its board authorized $1 billion in share buybacks.