Limelight Networks (LLNW) Reports In-Line Q1 EPS

Limelight Networks (NASDAQ: LLNW) reported Q1 EPS of $0.00, in-line with the analyst estimate of $0.00. Revenue for the quarter came in at $57 million versus the consensus estimate of $54.65 million.

Limelight also announced today that Sajid Malhotra, Chief Financial Officer, will assume the role of Chief Strategy Officer and will be responsible for Corporate Strategy, M&A, and Investor Relations. Dan Boncel, our Vice President Finance, Principal Accounting Officer will assume the role of Chief Financial Officer. Both changes will be effective July 1, 2020.

“We’re very pleased with Limelight’s financial and operational performance, which culminated in the highest first quarter revenue in the company’s history,” Robert Lento, Chief Executive Officer said. “We want to express our gratitude for the tireless commitment of our employees and continued support of our customers and shareholders in the face of unprecedented global disruption from the pandemic. We are truly grateful and fortunate that our business has not experienced the same devastating impact to date as many others. Our thoughts and well wishes go out to those so impacted.

"These trying times are spotlighting the critical role Limelight’s edge services fill in supporting continuity of business and keeping people digitally connected. There is momentum going into the second quarter, primarily driven by the increase of video-on-demand. Nevertheless, in the face of significant uncertainties related to the pandemic, including the absence of live sporting events, we are only increasing the low end of our previous revenue guidance. We remain committed and confident in meeting or exceeding Limelight’s financial goals for 2020 and beyond and delivering the best top-line growth in our history as a public company, as well as corresponding improvements to earnings and adjusted EBITDA.

”We are excited to have Sajid transition into his new role and congratulations to Dan who has demonstrated years of growth and achievement within Limelight."

GUIDANCE:

Limelight Networks sees FY2020 EPS of $0.00-$0.10, versus the consensus of $0.06. Limelight Networks sees FY2020 revenue of $225-235 million, versus the consensus of $229.92 million.

For earnings history and earnings-related data on Limelight Networks (LLNW) click here.

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