TEMPE, Ariz.—7/26/2017 Limelight Networks, Inc. (Nasdaq:LLNW) (Limelight), a global leader in digital content delivery, today reported revenue of $45.4 million for the second quarter of 2017, up four percent compared to $43.6 million in the second quarter of 2016, and up one percent compared to $44.7 million in the first quarter of 2017. Currency headwinds negatively impacted year-over-year comparison by $0.3 million, or one percent.
Gross margin was 47.1% in the second quarter of 2017, an increase of 390 basis points from 43.2% in the second quarter of 2016.
On a GAAP basis, Limelight reported a net loss of $1.6 million, or $0.01 per basic share, for the second quarter of 2017, compared to a net loss of $57.9 million, or $0.56 per basic share, in the second quarter of 2016. The second quarter of 2016 net loss included a $54 million provision for litigation related to the settlement of the Akamai lawsuit.
Non-GAAP net income was $2.9 million, or $0.03 per basic share, for the second quarter of 2017, compared to non-GAAP net income of $0.6 million, or $0.01 per basic share, in the second quarter of 2016.
EBITDA was $3.4 million for the second quarter of 2017, compared to negative $52.4 million for the second quarter of 2016. Adjusted EBITDA was $7.9 million for the second quarter of 2017, compared to $6.2 million for the second quarter of 2016.
Limelight ended the second quarter with 533 employees and employee equivalents, up from 528 employees at the end of the first quarter of 2017, and up from 512 employees in the year ago period.
“Our second quarter results continued to show meaningful year-over year improvements across revenue, margin, profitability and cash flow measures. Our performance improvements have strengthened our financial profile and improved our competitive position. Demand for our capabilities and services is growing and our R&D investments and strategic focus are continuing to gain traction. We continue to pursue numerous internal and external opportunities to accelerate growth and profitability and expect their realization to generate incremental shareholder returns,” said Bob Lento, Chief Executive Officer at Limelight.
“Our solid and consistent first half performance coupled with growing confidence as to our second half outlook, leads us to expect that we can deliver full year 2017 results above our previous guidance. We believe we may deliver close to double digit revenue growth for the two remaining quarters, and along with improving margins and continuing expense discipline, Limelight’s 2017 performance could represent our best year since we became a publicly traded company,” Mr. Lento added.
About Limelight
Limelight Networks (NASDAQ: LLNW), a global leader in digital content delivery, empowers customers to better engage online audiences by enabling them to securely manage and globally deliver digital content, on any device. The Company’s award winning Limelight Orchestrate™ platform includes an integrated suite of content delivery technology and services that helps organizations secure digital content, deliver exceptional multi-screen experiences, improve brand awareness, drive revenue, and enhance customer relationships — all while reducing costs. For more information, please visit www.limelight.com.
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