Limelight Networks News: Why LLNW Stock Is Getting Slammed 30% Today

Limelight Networks’ (NASDAQ:LLNW) news for Friday includes LLNW stock taking a beating after releasing its earnings report for the third quarter of 2020. This comes after reporting an adjusted loss per share of 1 cent. That’s worse than Wall Street’s adjusted earnings per share estimate of 2 cents. However, its revenue of $59.24 million is better than analysts’ estimates of $58.94 million.

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Here’s what else is worth noting about the Limelight Networks.

  • Adjusted per-share losses are down from its adjusted EPS of 1 cent during the same period of the year prior.
  • Revenue for the quarter comes in 1% higher than the $58.55 million reported in Q3 2019.
  • Operating loss of $2.28 million is 88.4% wider year-over-year than $1.21 million.
  • The Limelight Networks earnings report also has its net loss sitting at $3.99 million.
  • That’s 130.6% worse than the media company’s net loss of $1.73 million from the same time last year.

Robert Lento, CEO of Limelight Networks, said this about the news.

Q3 was a very strong quarter for us on a number of fronts as we experienced our second highest quarter of revenue ever and made material progress across our strategic imperatives. Most notable in the quarter was the expansion of our edge capabilities with the launch of Edge Functions and gains in our automated traffic engineering efforts to optimize network performance and customer experience.

Limelight Networks also includes 2020 guidance in its current earnings report. That includes adjusted EPS ranging from -2 cents to 8 cents on revenue of $230 million to $240 million. For comparison, Wall Street is looking for adjusted EPS of 8 cents on revenue of $236.59 million in 2020.

LLNW stock was down 29.7% as of noon Friday.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.


Article printed from InvestorPlace Media, https://investorplace.com/2020/10/limelight-networks-news-why-llnw-stock-is-getting-slammed-30-today/.

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