Extant research on the management of time shows that the speed of undertaking new strategic moves has negative consequences for firm profitability. However, the literature has not distinguished whether this outcome results from the effects of speed on firms’ revenues or from the effects of speed on firms’ costs, or examined how firms can become more profitable by reducing the negative consequences of speed. We address these gaps for a specific strategic move: alliance portfolio expansion. We show that the speed at which firms expand their alliance portfolios increases managerial costs disproportionately relative to revenues, leading to an overall negative effect on firm profitability. However, a more regular rhythm of expansion and a longer duration of existing alliances reduce the negative profitability consequences of expansion speed by moderating the increase in managerial costs. These findings suggest that firms that make strategic moves, such as alliances, may reduce the negative profitability consequences of speed when they maintain a regular expansion rhythm and when their existing strategic engagements require modest managerial resources.