Shares of Limelight Networks (NASDAQ: LLNW) fell sharply today after the company released its fourth-quarter results yesterday. The company missed analysts’ consensus revenue and earnings estimates, resulting in a flurry of downgrades for Limelight’s stock.
The tech stock was down by 18.6% as of 2:47 p.m. EST.
Limelight reported revenue of $55.4 million for the fourth quarter, down 8% year over year, which fell far below the Street’s consensus estimate of $61.3 million. Additionally, the company’s non-GAAP loss per share of $0.03 was much worse than analysts’ expectation of a profit of $0.02 per share.