Limelight Q1 revenue up 10% over 2008

Limelight Networks released its first-quarter financial results Wednesday, showing 10 percent year-over-year revenue growth and the addition of 35 customers in the quarter. Limelight had revenue of $33.2 million for the quarter, a slight drop from $35.9 million in the fourth quarter 2008, but it cut its non-GAAP loss to $2.1 million, from $2.5 million the previous quarter.

The company also benefited from the reversal in the Akamai patent infringement case, as GAAP net earnings shot to $55.1 million on the regaining of a previously recorded damage accrual of $66 million.

"Limelight Networks achieved solid year-over-year revenue growth during the first quarter," said Limelight CEO Jeff Lunsford. "We continued to see strong demand for our core content delivery and storage services, and were pleased with the market reception for LimelightSITE and a favorable ruling in our patent litigation with Akamai. We believe that continued Internet adoption presents us with attractive growth opportunities and that our eight years of innovation, our global scale and our network-based architecture are the optimal solution for publishers, enterprises, and governments advancing their online presence."

Limelight ended the quarter with $162 million in cash and marketable securities, and gave second quarter revenue guidance of $32.2 million to $33.2 million. 

For more:
- see Limelight's press release here 

Related articles
Mass. court overturns ruling in Akamai-Limelight copyright infringement case
Interview with Mike Gordon, Chief Strategy Officer, Limelight Networks