LLNW - Limelight Networks slips 7% as transition quarter misses on top and bottom lines
Limelight Networks (LLNW) has tumbled 6.9% after hours folloiwng Q1 earnings that missed on revenues and profitability in something of a transition quarter with new leadership and a new organization. "As anticipated, our first quarter was challenging from a top- and bottom-line perspective. That said, I am confident that we are now on the right path to achieve success," says new CEO Bob Lyons. Revenues fell by 10% to $51.2M, and net loss widened on both a GAAP basis (to $25.5M from a year-ago loss of $5.3M) and non-GAAP (net loss of $11M vs. a year-ago net loss of $0.2M). Adjusted EBITDA was -$3.3M, vs. a prior-year $5.6M. The company's guiding to the low side for 2021 EPS: of -$0.15 to -$0.05, vs. consensus for -$0.05, and to revenues of $220M-$230M vs. expectations for $225.4M. "Over the next 90 days, we believe continued operational performance improvements will drive increased market
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Limelight Networks slips 7% as transition quarter misses on top and bottom lines