The shares of Las Vegas Sands Corp.(NYSE:LVS) slipped to new 52-week low in after-market activity on Wednesday after the casino reported a lower than estimated second quarter earnings on lower casino win, increased legal expenses and certain impairment charges. The company said that it earned $397.7 million, or 29 cents a share in the latest quarter. Adjusted earnings came in at 44 cents a share compared to a year ago profit of 45 cents a share, missing analysts target by 16 cents. Although revenue grew 10% year over year $2.58 billion, it failed to meet analysts’ target of $2.78 billion.
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Revenue for its Las Vegas operations decreased 1.6% to $327.3 million amid declines in occupancy at hotels and sharp drop in casino win. Also At Sands China Ltd. (SCHYY, 1928.HK), the company's majority-owned Macau subsidiary, second-quarter net income decreased 40% to $160.5 million, while revenue rose 23% to $1.48 billion.
Shares of LVS fell 6.29% to $35.15. The stock is down over 12% YTD through closing on July 25, 2012
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On the other hand, shares of Akamai Technologies, Inc.(NASDAQ:AKAM) soared as much as 16% in after-hours after the company posted lower profit, which however topped analysts’ target.
The company reported a 8% fall in its second-quarter net income to $44.2 million, or 24 cents per share, from a year ago profit of $47.9 million, or 25 cents per share. On an adjusted basis, the company earned 43 cents a share, ahead of analysts’ target by 6 cents.
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Revenue during the quarter came in at $331 million, up 20% year over year from $277 million, again topping analysts’ target of $326 million.
Akamai helps websites deliver video and other content to viewers, and the increasing popularity of Internet video has helped it expand. CEO Paul Sagan said the content delivery business kept growing during the quarter, while more customers used the company's cloud infrastructure products.