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Akamai Technologies, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $1,004,679,000 from $965,484,000 in the same quarter the previous year. The increase is attributed to growth in sales of security and compute solutions.
Cost of revenue for the quarter was $408,806,000, representing 40.7% of revenue, compared to 39.7% in the same quarter of the previous year. This increase is due to higher co-location fees and depreciation of network equipment.
The company reported income from operations of $70,637,000 for the quarter, compared to $176,129,000 in the previous year, with the decline attributed to restructuring charges and increased operating expenses.
Net income for the quarter was $57,907,000, down from $160,542,000 in the previous year. The decrease is primarily due to restructuring charges and increased expenses related to stock-based compensation.
Cash provided by operating activities was $1,175,383,000, while cash used in investing and financing activities was $554,493,000 and $538,795,000, respectively.
Akamai had total assets of $10,190,457,000 as of September 30, 2024, up from $9,900,037,000 at the end of 2023.
The filing also details the acquisition of Noname Security for $452.3 million, intended to expand Akamai's API Security offerings.
Akamai continues to focus on expanding its compute solutions and addressing global economic and geopolitical challenges impacting its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Akamai Technologies Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.