LLNW - Limelight Networks Stock Fell 38.7% in October Setting Up a Great Buying Opportunity
Shares of Limelight Networks (NASDAQ: LLNW) fell 38.7% in October, according to data from S&P Global Market Intelligence . The content delivery network (CDN) specialist reported solid third-quarter sales but fell short of Wall Street's targets on the bottom line, and reported modest earnings guidance for the rest of this fiscal year.
Limelight's bottom line swung from a $0.01 profit to a $0.02 loss per share in the third quarter. The shortfall was based on interest payments on $106 million of new long-term debt, and the same interest payments also led Limelight's management to lower earnings expectations for the fourth quarter and full fiscal year. Investors ran for the exits, driving share prices nearly 30% lower the next day.
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Limelight Networks Stock Fell 38.7% in October, Setting Up a Great Buying Opportunity