LLNW - Why Limelight Networks Tanked 30.3% This Week
Shares of Limelight Networks (NASDAQ: LLNW) sank 30% this week, according to S&P Global Market Intelligence . The content delivery service and edge provider posted disappointing Q1 earnings, so investors decided to sell off the stock. Shares were down as much as 33.8% this week on the news.
On April 28, Limelight Networks announced its earnings results for the first three months of 2022. Revenue was up 13% year over year to $58 million, beating analyst expectations for the period. However, it reported a generally accepted accounting principles ( GAAP ) loss of $19.2 million, or $0.14 per share, which was significantly worse than analyst expectations for the period. Without a fast-growing top line and such large net losses, it is no wonder Limelight's stock has been down over 30% in the last few trading days.
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Why Limelight Networks Tanked 30.3% This Week