EXHIBIT 99.1

FOR IMMEDIATE RELEASE

Contacts:
Jeff Young
Media Relations
Akamai Technologies
617-444-3913
jyoung@akamai.com —or—
 
  Sandy Smith
Investor Relations
Akamai Technologies
617-444-2804
ssmith@akamai.com

AKAMAI REPORTS RECORD REVENUE AND PROFITS
FOR SECOND QUARTER 2005

w Revenue grows 27 percent year-over-year to $64.6 million, an 8 percent increase from prior quarter

w Second quarter GAAP net income expands 134 percent year-over-year to $15.9 million, or $0.11 per diluted share, a 13 percent increase over prior quarter’s GAAP net income

w Normalized net income* increases 65 percent year-over-year to $17.1 million, or $0.12 per diluted share, a 19 percent increase over prior quarter’s normalized net income

CAMBRIDGE, Mass. - July 26, 2005 - Akamai Technologies, Inc. (NASDAQ: AKAM), the leading global service provider for accelerating content and business processes online, today reported financial results for the second quarter ended June 30, 2005.

Revenue for the second quarter 2005 was $64.6 million, an 8 percent increase over first quarter 2005 revenue of $60.1 million, and a 27 percent increase over second quarter 2004 revenue of $50.8 million.

Akamai’s second quarter consolidated financial results include 20 days of activity from Speedera Networks, Inc. following the closing of Akamai’s acquisition of Speedera on June 10^th. Speedera contributed $2.5 million of revenue during the quarter.

Net income in accordance with United States Generally Accepted Accounting Principles, or GAAP, increased in the second quarter of 2005 to $15.9 million, or $0.11 per diluted share, a 13 percent increase over first quarter 2005 GAAP net income of $14.1 million, or $0.10 per diluted share, and a significant improvement over 2004 second quarter earnings per diluted share of $0.05 per share.

“Excellent performance across our business in the second quarter helped to drive our record top-line results and profitability,” said Paul Sagan, president and CEO of Akamai. “In addition, we already are seeing benefits from the Speedera acquisition, and expect further improvements as we work to expand our client base and service offerings.”

- more -

The Company generated normalized net income* of $17.1 million, or $0.12 per diluted share, in the second quarter of 2005. (*See Use of Non-GAAP Financial Measures below for definitions.)

Adjusted EBITDA* for the second quarter of 2005 was $22.7 million, up 11 percent compared to $20.4 million in the prior quarter, and up 28 percent compared to $17.7 million in the second quarter of 2004. Adjusted EBITDA as a percentage of revenue was 35 percent, up from 34 percent in the prior quarter, and consistent with second quarter 2004. (*See Use of Non-GAAP Financial Measures below for definitions.)

Cash from operations was $14.7 million in the second quarter, including costs associated with the acquisition, as compared to first quarter 2005 cash from operations of $18.7 million. On a year-to-date basis, cash from operations was $33.4 million, as compared to $21.1 million in the first six months of 2004.

At June 30, 2005, the Company had approximately 138.8 million shares of common stock outstanding, and had approximately $130.7 million of cash, cash equivalents and marketable securities, including $4.5 million in cash, cash equivalents and marketable securities resulting from the Speedera acquisition.

Customers
Excluding any customers that were acquired from Speedera, Akamai added 71 net new customers under long-term services contracts during the second quarter 2005. The Speedera acquisition resulted in an additional 305 recurring revenue customers, bringing Akamai’s total number of customers under long-term services contracts at the end of the second quarter to 1,736.

“We are benefiting from the increased adoption of our platform by leading enterprises and government agencies that need to make mission-critical applications predictable, scalable and secure,” continued Sagan. “We believe that, in the near term, growth will continue in such markets as online commerce, electronic software and media delivery, manufacturing, travel and hospitality, news and information portals, and the public sector.”

Sales through resellers and sales outside the United States accounted for 25 percent and 21 percent, respectively, of revenue for the second quarter of 2005.

Quarterly Conference Call
Akamai will host a conference call today at 4:30 p.m. ET that can be accessed through 1-888-689-4521 (or 1-706-645-9202 for international calls). A live Webcast of the call may be accessed at www.akamai.com in the Investor section. In addition, a replay of the call will be available for one week following the conference through the Akamai Website or by calling 1-800-642-1687 (or 1-706-645-9291 for international calls) and using conference ID No. 7069997.

About Akamai
Akamai^® is the leading global service provider for accelerating content and business processes online. More than 1,700 organizations have formed trusted relationships with Akamai, improving their revenue and reducing costs by maximizing the performance of their online businesses. Leveraging the Akamai EdgePlatform, these organizations gain business advantage today, and

have the foundation for the emerging Web solutions of tomorrow. Akamai is “The Trusted Choice for Online Business.” For more information, visit www.akamai.com.

Financial Statements

Condensed Consolidated Balance Sheets
(dollar amounts in thousands)
(unaudited)

		June 30,				December 31,
		2005				2004
Assets
Cash and cash equivalents		$	51,028			$	35,318
Marketable securities			51,933				34,380
Restricted marketable securities			932				932
Accounts receivable, net			40,366				30,333
Prepaid expenses and other current assets			8,697				7,706
Current assets			152,956				108,669
Marketable securities			23,101				34,065
Restricted marketable securities			3,722				3,722
Property and equipment, net			39,308				25,242
Goodwill and other intangible assets, net			140,023				5,128
Other assets			5,621				5,917
Total assets		$	364,731			$	182,743
Liabilities and stockholders’ equity
Accounts payable and accrued expenses		$	56,674			$	42,446
Other current liabilities			5,354				4,320
Current liabilities			62,028				46,766
Other liabilities			5,172				5,294
Convertible notes			256,614				256,614
Total liabilities			323,814				308,674
Stockholders’ equity (deficit)			40,917				(125,931	)
Total liabilities and stockholders’ equity		$	364,731			$	182,743

Condensed Consolidated Statements of Operations
(amounts in thousands, except per share data)
(unaudited)

		Three Months Ended																Six Months Ended
		June 30,				March 31,				June 30,				March 31,				June 30,				June 30,
		2005				2005				2004				2004				2005				2004
Revenues		$	64,649			$	60,096			$	50,786			$	48,367			$	124,745			$	99,153
Costs and operating expenses:
Cost of revenues*			12,752				11,524				11,083				12,146				24,276				23,229
Research and development			4,507				3,629				2,872				2,694				8,136				5,566
Sales and marketing			18,363				16,745				13,671				14,010				35,108				27,681
General and administrative*			11,341				11,839				10,521				11,197				23,180				21,718
Amortization of other intangible assets			520				12				12				12				532				24
Total costs and operating expenses			47,483				43,749				38,159				40,059				91,232				78,218
Operating income			17,166				16,347				12,627				8,308				33,513				20,935
Interest expense, net			770				1,013				2,045				3,158				1,783				5,203
Loss on early extinguishment of debt			—				—				3,264				2,018				—				5,282
Gain on investments, net			—				—				—				(11	)			—				(11	)
Other (income) expense, net			(77	)			726				85				138				649				223
Income before provision for income taxes			16,473				14,608				7,233				3,005				31,081				10,238
Provision for income taxes			573				529				430				84				1,102				514
Net income		$	15,900			$	14,079			$	6,803			$	2,921			$	29,979			$	9,724
Net income per share:
Basic		$	0.12			$	0.11			$	0.06			$	0.02			$	0.23			$	0.08
Diluted		$	0.11			$	0.10			$	0.05			$	0.02			$	0.21			$	0.07
Shares used in per share calculations:
Basic			130,119				127,051				123,645				122,104				128,585				122,875
Diluted			149,986				147,282				146,408				133,825				148,607				146,058

* Includes depreciation (see supplemental tables for figures)

		Three Months Ended																Six Months Ended
		June 30,				March 31,				June 30,				March 31,				June 30,				June 30,
		2005				2005				2004				2004				2005				2004
Supplemental financial data (in thousands):
Network-related depreciation		$	3,472			$	2,915			$	3,725			$	4,450			$	6,387			$	8,175
Other depreciation		$	860			$	939			$	1,106			$	1,594			$	1,799			$	2,700
Capital expenditures		$	9,805			$	9,719			$	4,575			$	3,042			$	19,524			$	7,617
Net increase (decrease) in cash, cash equivalents, restricted cash and marketable securities		$	12,695			$	9,604			$	(54,922	)		$	(31,307	)		$	22,299			$	(86,229	)
End of period statistics:
Number of customers under recurring contract			1,736				1,360				1,214				1,172
Number of employees			774				633				598				565
Number of deployed servers			17,500				16,017				14,916				14,434

Condensed Consolidated Statements of Cash Flows
(amounts in thousands)
(unaudited)

		Three Months Ended																Six Months Ended
		June 30,				March 31,				June 30,				March 31,				June 30,				June 30,
		2005				2005				2004				2004				2005				2004
Cash flows from operating activities:
Net income		$	15,900			$	14,079			$	6,803			$	2,921			$	29,979			$	9,724
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of deferred financing costs			5,074				4,140				5,189				6,497				9,214				11,686
Equity-related compensation			657				227				274				533				884				807
Deferred taxes			—				158								30				158				30
Non-cash portion of loss on early extinguishment of debt			—				—				1,006				977				—				1,983
Loss on investments, property and equipment and foreign currency, net			319				227				34				156				546				190
Provision for doubtful accounts			41				413				(30	)			(206	)			454				(236	)
Changes in operating assets and liabilities excluding effects of acquired business:
Accounts receivable, net			(1,837	)			(4,761	)			(1,696	)			(3,333	)			(6,598	)			(5,029	)
Prepaid expenses and other current assets			(1,926	)			777				(37	)			2,474				(1,149	)			2,437
Accounts payable, accrued expenses and other current liabilities			(1,399	)			4,878				1,755				(2,204	)			3,479				(449	)
Accrued restructuring			(339	)			(352	)			(474	)			(450	)			(691	)			(924	)
Deferred revenue			45				281				(393	)			1,173				326				780
Other noncurrent assets and liabilities			(1,808	)			(1,365	)			47				68				(3,173	)			115
Net cash provided by operating activities:			14,727				18,702				12,478				8,636				33,429				21,114
Cash flows from investing activities:
Cash acquired through business combination			3,914				—				—				—				3,914				—
Purchases of property and equipment and capitalization of internal-use software			(9,805	)			(9,719	)			(4,575	)			(3,042	)			(19,524	)			(7,617	)
Purchase of investments			(15,541	)			(10,544	)			(39,117	)			(121,418	)			(26,085	)			(160,535	)
Proceeds from sale of property and equipment			—				—				—				9				—				9
Proceeds from sales and maturities of investments			14,231				5,203				9,400				171,725				19,434				181,125
Decrease in restricted cash held for note repurchases			—				—				—				5,000				—				5,000
Net cash (used in) provided by investing activities			(7,201	)			(15,060	)			(34,292	)			52,274				(22,261	)			17,982
Cash flows from financing activities:
Payments on capital leases			(93	)			(134	)			(134	)			(131	)			(227	)			(265	)
Proceeds from the issuance of 1% convertible senior notes, net of financing cots			—				—				—				24,313				—				24,313
Repurchase and retirement of 5 1/2% convertible subordinated notes			—				—				(68,523	)			(62,873	)			—				(131,396	)
Proceeds from the issuance of common stock under stock option and employee stock purchase plans			4,145				1,643				6,617				2,178				5,788				8,795
Net cash provided by (used in) financing activities			4,052				1,509				(62,040	)			(36,513	)			5,561				(98,553	)
Effects of exchange rate translation on cash and cash equivalents			(431	)			(588	)			(167	)			(568	)			(1,019	)			(735	)
Net increase (decrease) in cash and cash equivalents			11,147				4,563				(84,021	)			23,829				15,710				(60,192	)
Cash and cash equivalents, beginning of period			39,881				35,318				129,481				105,652				35,318				105,652
Cash and cash equivalents, end of period		$	51,028			$	39,881			$	45,460			$	129,481			$	51,028			$	45,460

* Use of Non-GAAP Financial Measures

In addition to providing financial measurements based on generally accepted accounting principles in the United States of America (GAAP), Akamai has historically provided additional financial metrics that are not prepared in accordance with GAAP (non-GAAP). Recent legislative and regulatory changes discourage the use of and emphasis on non-GAAP financial metrics and require companies to explain why non-GAAP financial metrics are relevant to management and investors.

Akamai defines “Adjusted EBITDA” as net income, before interest, taxes, depreciation and amortization of tangible and intangible assets, equity-related compensation, certain gains and losses on equity investments, foreign exchange gains and losses, and loss on early extinguishment of debt.

Adjusted EBITDA eliminates items that are either not part of the Company’s core operations, such as investment gains and losses, foreign exchange gains and losses, early debt extinguishment and net interest expense, or do not require a cash outlay, such as equity-related compensation and impairment of intangible assets. Adjusted EBITDA also excludes depreciation and amortization expense, which is based on the Company’s estimate of the useful life of tangible and intangible assets. These estimates could vary from actual performance of the asset, are based on historic cost incurred to build out the Company’s deployed network, and may not be indicative of current or future capital expenditures. Because Adjusted EBITDA eliminates these items, Akamai considers this financial measure to be an important indicator of the Company’s operational strength and performance of its business and a good measure of the Company’s historical operating trend.

Akamai defines “Adjusted EBITDA margin” as a percentage of adjusted EBITDA over revenue. Akamai considers Adjusted EBITDA margin to be an indicator of the Company’s operating trend and performance of its business in relation to its revenue growth.

Akamai defines “capital expenditures” or “capex” as purchases of property and equipment and capitalization of internal-use software development costs. Capital expenditures or capex are disclosed in Akamai’s condensed consolidated statement of cash flows in the Company’s most recent annual report on Form 10-K filed with the Securities and Exchange Commission.

Akamai defines “normalized net income” as net income before amortization of intangible assets, equity-related compensation, certain gains and losses on equity investments, and loss on early extinguishment of debt. Akamai considers normalized net income to be another important indicator of the overall performance of the Company because it eliminates the effects of events that are either not part of the Company’s core operations or are non-cash.

Adjusted EBITDA and normalized net income should be considered in addition to, not as a substitute for, the Company’s operating income and net income, as well as other measures of financial performance reported in accordance with GAAP.

Reconciliation of Non-GAAP Financial Measures
In accordance with the requirements of Regulation G issued by the Securities and Exchange Commission, the Company is presenting the most directly comparable GAAP financial measure and reconciling the non-GAAP financial metrics to the comparable GAAP measures.

Reconciliation of GAAP net income to normalized net income
and Adjusted EBITDA
(amounts in thousands, except per share data)

		Three Months Ended																Six Months Ended
		June 30,				March 31,				June 30,				March 31,				June 30,				June 30,
		2005				2005				2004				2004				2005				2004
Net income		$	15,900			$	14,079			$	6,803			$	2,921			$	29,979			$	9,724
Amortization of intangible assets			520				12				12				12				532				24
Equity-related compensation			657				227				274				533				884				807
Gain on investments, net			—				—				—				(11	)			—				(11	)
Loss on early extinguishment of debt			—				—				3,264				2,018				—				5,282
Total normalized net income:			17,077				14,318				10,353				5,473				31,395				15,826
Interest expense, net			770				1,013				2,045				3,158				1,783				5,203
Provision for income taxes			573				529				430				84				1,102				514
Depreciation and amortization			4,332				3,854				4,831				6,044				8,186				10,875
Other (income) expense, net			(77	)			726				85				138				649				223
Total Adjusted EBITDA:		$	22,675			$	20,440			$	17,744			$	14,897			$	43,115			$	32,641
Normalized net income per share:
Basic		$	0.13			$	0.11			$	0.08			$	0.04			$	0.24			$	0.13
Diluted		$	0.12			$	0.10			$	0.07			$	0.04			$	0.22			$	0.12
Shares used in per share calculations:
Basic			130,119				127,051				123,645				122,104				128,585				122,875
Diluted			149,986				147,282				146,408				133,825				148,607				146,058

# # #

Akamai Statement Under the Private Securities Litigation Reform Act
The release contains information about future expectations, plans and prospects of Akamai’s management that constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995, including statements concerning the expected growth and development of our business and our expectations concerning the acquisition of Speedera. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors including, but not limited to, unexpected increases in Akamai’s use of funds, loss of significant customers, failure to increase our revenue and keep our expenses consistent with revenues, failure to realize our expectations with respect to the acquisition of Speedera, the effects of any attempts to intentionally disrupt our services or network by unauthorized users or others, failure to have available sufficient transmission capacity, a failure of Akamai’s services or network infrastructure, failure to maintain the prices we charge for our services, inability to service and repay our outstanding debt and other factors that are discussed in the Company’s Annual Report on Form 10-K, quarterly reports on Form 10-Q, and other documents periodically filed with the SEC.

In addition, the statements in this press release represent Akamai’s expectations and beliefs as of the date of this press release. Akamai anticipates that subsequent events and developments may cause these expectations and beliefs to change. However, while Akamai may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Akamai’s expectations or beliefs as of any date subsequent to the date of this press release.