Sales Forecast Sends Akamai Soaring 23%

Shares of Akamai Technologies (AKAM), which sells a service to speed the delivery of Internet content, rose 23% on Wednesday after a Chase H&Q; analyst predicted sales will double in the next year.

Akamai surged $21.38 to $115.38. The Cambridge, Mass.-based company, which first sold stock to the public at $26 in October, reached a high of $345.50 in January amid the frenzy for Internet issues.

Chase’s David Levy, who began coverage on the company Wednesday with a “buy” rating, said he expects sales to rise to $171 million in 2001 from $78.2 million this year.

Profit, however, still isn’t in the picture: Analysts surveyed by Zacks Investment Research expect Akamai to lose $2.42 a share this year and $2.70 next.

Akamai’s service connects computer servers to dozens of telecommunications networks, allowing it to route Internet transmissions around traffic bottlenecks.