Limelight Networks, Inc. (NASDAQ:LLNW)
Limelight Networks, Inc. (NASDAQ:LLNW) has reported it’s financial results for Q1 2017. The company reported $44.7 million in revenue representing 8% increase compared to the $41.4 million reported in Q1 2016. The revenue represents a 2% increase compared to the $43.8 million reported in the fourth quarter of the 2016 financial year. Currency headwinds negatively affected the company’s sequential comparison by $0.1 million and year-over-year comparison by $0.3 million.
The company reported a GAAP gross margin of 47.3% in the first quarter of 2017 – an increase from the 40.2% reported the same period the previous financial year.
The company reported $3.3 million or $0.03 per basic share in net loss for the first quarter of 2017. This is a drop from the $5.9 million or $0.06 per basic share in net loss for the first quarter of the 2016 financial year.
Non-GAAP net income stood at $1.6 million or $0.02 per basic share in the first quarter of the 2017 financial year. This is compared to the $1.3 million or $0.01 per basic share in non-GAAP net loss reported in the first quarter of the 2016 financial year.
EBITDA of $1.7 million was reported for first quarter of 2017 compared to the -$0.7 million reported in the same period in the 2016 financial year. The company reported $6.7 million in adjusted EBITDA in the first quarter of 2017 compared to the $4.0 million that was reported in the same period the previous financial year.
The company closed the first quarter with 528 employees and employee equivalents. This is an increase from the 510 that the company had at the close of the last quarter of the 2016 financial year and the 501 at the close of the first quarter in the 2016 financial year.
Limelight Chief Executive Officer Bob Lento in statement said the company reported very strong and impressive results for the first quarter and went beyond expectations, adding that the management has developed a clear strategy to help deliver the targets set for 2017. Lento says a strong start for 2017 shows the company’s ability to seamlessly navigate through the ever-changing healthy industry. According to Lento, many customers trust the company with their businesses, the company’s financial performance is significantly improving and the company is reporting almost zero staff turnover. He adds that the company has a stronger competitive position than ever reported before.
Lento attributes this tremendous growth to the company’s staff that help in driving the strategic agenda of the company. He adds that their effort is manifested in accelerated business growth, improved financial performance and an increase in market size. Lento says the company is winning more business due to its service capabilities and quality in addition to pricing. He adds that the first quarter results have laid the foundation for the company to post impressive full year guidance across all measures.
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About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.