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.
Copyright © 2016 MarketWatch, Inc.
Continue Reading Below