UPDATE 2-Akamai says economy hurting growth rate, stock drops

(Recasts, adds comments from conference call, updates stock price)

SAN FRANCISCO, July 30 (Reuters) - Akamai Technologies Inc (AKAM.O) said that growing economic weakness was beginning to moderate its growth, sending shares lower by 17 percent, despite reporting a higher second-quarter profit on Wednesday.

The company's comments about spreading economic weakness offset a 59 percent increase in quarterly profit and a 27 percent increase in revenue.

Akamai also forecast revenue for the current quarter would be below current analyst estimates as the slowing economic environment catches up with the firm.

"Clearly the economic environment changed from where we were a couple of months ago," said Chief Executive Paul Sagan on a conference call to discuss quarterly results.

The company said it expects third-quarter revenue of $193 million to $198 million, compared with the $206.4 million that analysts were currently expecting.

Akamai, which helps companies such as Apple Inc (AAPL.O) deliver online music and video by navigating less-congested routes over the Internet, said net profit rose to $34.3 million, or 19 cents per share, from $21.6 million, or 12 cents a share, a year ago.

Revenue jumped to $194.0 million from $152.7 million. Analysts polled by Reuters Estimates expected $196.6 million.

Adjusted profit per share was 41 cents, matching Wall Street expectations.

Sagan said that while slowing global economic conditions had begun to moderate previous rapid growth, the company had "solid results in a challenging environment."

The Cambridge, Massachusetts-based company helps deliver 15 percent to 20 percent of all Web content traffic on any given day and aims to capitalize on growing online video services, especially high-definition content, for growth.

In the previous -- or first -- quarter, Akamai said that it had not yet detected a pullback due to economic concerns. That, however, has since changed, Sagan said on Wednesday's call.

Due to slowing revenue growth, the company updated its full year per share profit guidance to $1.63 to $1.68, compared with its previously given range of $1.68 to $1.71.

Shares of Akamai fell 29 cents to close at $31.25 on Nasdaq. In extended trade, the stock declined to $25.94. The volatile stock has declined from slightly above $40 in mid-May. (Reporting by Duncan Martell; editing by Leslie Gevirtz, Jeffrey Benkoe, Phil Berlowitz)