LLNW - Limelight Networks rises on news it's cutting 16% of workforce

Limelight Networks (LLNW) is up 2.1% in postmarket trading after announcing a series of actions - including cutting 16% of staff - to "improve execution, profitability and accelerate growth." The "targeted workforce reduction" is part of a productivity push intended to save about $15M a year in cash. During its year-end call, the company shared a strategy focused on areas including improving the core CDN business by "pursuing a leadership position in proactive client performance while improving our cost structure," CEO Bob Lyons says. The cuts are the first step there, he says. It's implementing a simplified operating model that "improves agility and productivity," and "prioritized resources on the continuous proactive improvement of client performance" as well. The staff cuts result in a first-quarter pretax charge of about $3M related to severance, benefits and transition assistance. "Our efforts to date give us confidence that we will be able to achieve

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Limelight Networks rises on news it's cutting 16% of workforce