- Limelight Networks, Inc (NASDAQ:LLNW) reported first-quarter FY22 revenue growth of 13% year-on-year to $57.96 million, beating the consensus of $56.3 million. Organic revenue growth was 6%.
- 19 of the Top 20 Limelight customers grew revenue by 20%.
- The total pipeline has grown more than 30% from the beginning of the year, with the Layer0 pipeline growing by triple digits.
- Gross margin was 30.7%, up 630 bps year over year.
- Limelight held $61.9 million in cash and equivalents and used $18.5 million in operating cash flow.
- Non-GAAP EPS loss of $(0.04) was in-line with the consensus.
- "In the short term, we expect second quarter revenue to be consistent with the first. With continued tight management of network and operating expenses, we would expect gross margin and adjusted EBITDA margin to continue its methodical expansion," said CFO Dan Boncel.
- Outlook: Limelight sees FY22 revenue of $240 million - $250 million versus the consensus of $242.99 million.
- Limelight sees non-GAAP EPS loss of $(0.06) - $(0.01) versus the consensus loss of $(0.05).
- Price Action: LLNW shares traded lower by 19.3% at $3.63 on the last check Thursday.
