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Oct 28 (Reuters) - Akamai Technologies Inc beat estimates for quarterly earnings and raised its full-year forecast on Monday, aided by strong demand in its cloud security unit, as well as growth in its traditional business of faster web content delivery.
The company has been focusing on its security unit as its traditional business has come under pressure with large media customers such as Apple Inc and Amazon.com Inc building their own networks.
Revenue from the segment, which helps data centers operate and deliver content securely, rose 28% to $216 million.
Cambridge, Massachusetts-based company also raised its full year forecast and now expects revenue in the range of $2.85 billion to $2.87 billion and adjusted profit between $4.36 to $4.42 per share.
Revenue from company’s media and carrier division, which includes media delivery business, rose 2%, as more people use smartphones and computers to download games, videos and software from the internet.
“There are several major OTT launches coming up over the next several months. And, you know, that has the potential to generate a lot of traffic and business for us. And so we are very optimistic about the future growth of the content delivery network business,” Chief Executive Officer Tom Leighton told Reuters.
Leighton also attributed the increase in user traffic to a game release the during the quarter.
Net income rose to $137.9 million, or 84 cents per share, in the third quarter ended Sept. 30, from $107.6 million, or 64 cents per share, a year earlier.
Excluding items, the company earned $1.1 per share, above estimates of $1, according to IBES data from Refinitiv.
Revenue rose 6% to $709.9 million, beating estimates of $701.27 million. (Reporting by Amal S in Bengaluru; Editing by Shailesh Kuber)