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Shares of Akamai Technologies plunged 13 percent Wednesday after giving current-quarter guidance well below analyst estimates.
The Cambridge, Massachussetts-based company said it expects adjusted third-quarter earnings of 59 cents to 62 cents a share on revenues of $566 million to $578 million. Analysts had expected Akamai to forecast earnings of 66 cents a share on $590.9 million, according to a Thomson Reuters consensus estimate.
In a Tuesday conference call with analysts and investors, CFO James Benson said that the company is "anticipating media traffic and revenue volumes from one of our large Internet platform customers to decline further in the third quarter," which would lead to "a further sequential decline in our Media business in the third quarter."
The company posted adjusted earnings of 64 cents a share on revenues of $572.1 million. Wall Street had expected Akamai to report earnings of 64 cents a share on $574.9 million in revenue, according to a Thomson Reuters consensus estimate.
The stock has fallen more than 29 percent in the past year.