Akamai sees Q4 profit above estimates on strong demand for cybersecurity services

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- Akamai Technologies forecast fourth-quarter adjusted profit above Wall Street estimates on Tuesday, helped by strong demand for its cloud security services as rapid digitalization raises the risk of high-profile hacks.Spending on cybersecurity services have stayed resilient amid growing cyber crimes and privacy concerns even as companies tightened the budgets for other IT services.

Cambridge, Massachusetts-based Akamai expects fourth-quarter adjusted profit at about $1.57 per share, compared with analysts average estimate of $1.54 per share, according to LSEG data.

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