Updated from 12:54 p.m. EDT

Tech stocks were moving lower Thursday, as investors weighed a spate of earnings reports.

Shares of Limelight Networks ( LLNW) plunged 39.3% after the company, which provides a network for digital media, posted mixed second-quarter results and issued disappointing third-quarter guidance. The company turned in adjusted earnings of $351,000, or less than a penny a share, on revenue of $21.2 million. Analysts expected a loss of 1 cent a share on revenue of $24.1 million.

Looking ahead, Limelight sees an adjusted third-quarter loss of 4 cents to 6 cents a share on revenue of $27 million to $28 million. Analysts project earnings of 1 cent a share on revenue of $28 million. Shares closed down $5.81 to $8.99.

Meanwhile, Systemax ( SYX) rose 7.3%, after the computer distributor posted a big jump in second-quarter earnings. The company earned $13.8 million, or 37 cents a share, on revenue of $647.1 million. During the year-earlier quarter, the company earned $7.1 million, or 19 cents a share, on revenue of $547.2 million. "Although we are still in an intensely competitive environment, we experienced less price discounting in the quarter and we are pleased that our consolidated gross margin has shown improvement in the last two consecutive quarters," the company said. Shares closed up $1.29 to $19.

Elsewhere, shares of SRA International ( SRX) rose 7.3% after the provider of technology and consulting services reported fourth-quarter earnings that topped expectations by a penny a share. The company earned $16.7 million, or 28 cents a share, on revenue of $297.2 million. Analysts polled by Thomson Financial expected earnings of 27 cents a share.

Looking ahead, SRA sees first-quarter earnings of at least 26 cents a share on revenue of $320 to $330 million. Guidance does not include the company's acquisition of Constella. SRA plans to update guidance during the first quarter, which will include the acquisition. Analysts project earnings of 27 cents a share on revenue of $331.3 million. Shares closed up $1.72 to $25.16.

InfoSpace ( INSP) tumbled 16.7% after the online media company reported a wider-than-expected second-quarter loss. The company posted a loss of $28.1 million, or 86 cents a share, on revenue of $70.5 million. Excluding items, the company reported a loss of 18 cents a share. Analysts expected a smaller loss of 13 cents a share.

Looking ahead, InfoSpace sees a third-quarter loss of 50 cents to 53 cents a share on revenue of $49 million to $51 million. Analysts project a loss of 4 cents a share on revenue of $58.3 million. Shares closed down $3.35 to $16.76.

Finally, shares of The Knot ( KNOT) jumped 24.9% after the wedding-planning Web site posted better-than-expected second-quarter earnings. The company earned $4.8 million, or 15 cents a share, on revenue of $28.5 million. Analysts expected earnings of 10 cents a share. Shares closed up $4.65 to $23.33.

As for the broader technology sector, the Nasdaq 100 was down 50.58 points to 1936.76.