Shares of Limelight Networks (LLNW) shot up 30 percent this morning after the company reported better than expected Q4 earnings results and provided solid guidance for fiscal 2011. Shares of the Tempe, Arizona – based software maker are currently trading higher by 30.10%, at $8.48.
Limelight reported non-GAAP profit of $1.5 million, or $0.01 per share on a fully diluted basis for the fourth quarter of 2010 ; analysts on average expected the company to break even on an adjusted, per-share basis. Limelight’s fourth-quarter revenue came in at $55.2 million up 64% from the fourth quarter 2009 and up 11% sequentially from Q3 2010. Analysts were expecting $53.3 million.
For the first quarter of 2011, Limelights said it anticipates revenue to be in the range of $48.0-$49.5 million and full year revenue to increase 15 to 20% over 2010 reported revenue. Analysts expect the company to report revenue of $48.2 million for the first quarter of 2011.
For all of 2010, Limelight reported a loss of $20.4 million, or $0.22 per share, compared with a profit of $34.9 million, or $0.40 per share, in 2009. Revenue rose 39% to $183.3 million.
Following the release of strong fourth-quarter financial results, shares of Limelight Networks spiked in today’s trading. The ticker jumped to a HOD of $8.56 this morning before pulling back slightly. The stock is still sitting on a gain of nearly 28%, with volume up from daily average of 1.4 million to 21 million.
The average pps target of analysts who cover LLNW is $7.50 per share. The company has a market cap of $814 million and a P/E (price-to-earnings ratio) of 11.18.
Limelight Networks provides CDN services in the United States, Europe, and the Asia Pacific.