Limelight Networks lowers 2018 guidance and provides initial 2019 guidance
- Co lowers guidance for FY18 (Dec) EPS to $0.10-0.11, excluding items, vs. $0.15 S&P Capital IQ Consensus; revs to $195-196 mln vs. $202.24 mln S&P Capital IQ Consensus; Adjusted EBITDA between $30 and $32 million
- Co sees FY19 (Dec) EPS of $0.15-0.20, excluding non-recurring items, vs. $0.20 S&P Capital IQ Consensus; sees FY19 (Dec) revs of $220-225 mln vs. $221.46 mln S&P Capital IQ Consensus; Adjusted EBITDA between than $35 and 40 million; Capital Expenditures between $20 and 24 million.
- "Earlier this year, we made the decision to move forward with a video-centric strategy, which led to foregoing certain sources of revenue to focus on more robust, faster-growing opportunities better aligned with our long-term goals. We also underwent periodic repricing of certain major accounts, from which we expect disproportionately positive revenue growth in 2019. Thus, we are revising our expectations for 2018... At the same time, we are increasingly confident regarding our outlook, as demonstrated by our positive 2019 guidance... we've seen significant strengthening in
late 4Q that we expect to carry into early 2019"