Switch Inc (NYSE:SWCH) posted its latest quarterly earnings report after the bell Monday, which sent shares tumbling as the company’s results missed Wall Street’s projections.
The data center facilities developer announced that its
first quarter of fiscal 2018 brought in net income of $4 million, which amounted to 2 cents per share. In the year-ago quarter, the company brought in net income of $20.3 million, or 10 cents per share.
Analysts were calling for Switch to earn about 5 cents per share on an adjusted basis, according to data compiled from a FactSet survey. The company also raked in revenue of $97.7 million, which was an improvement over the $89.2 million it brought in during the year-ago quarter.
The Wall Street consensus estimate called for revenue of $99.8 million, according to data compiled by FactSet. For its second quarter, Switch projects that its full-year revenue will be in the range of $423 million to $440 million, compared to the Wall Street consensus estimate of $431.3 million.
The company adds that for the full year, it sees its EBITDA as being in the range of $216 million to $224 million, compared to Wall Street’s projection of $217.7 million. Analysts predicts that the company’s second quarter will amount to earnings of 6 cents per share, while revenue will be $104.5 million.
SWCH stock gained about 0.8% during regular trading hours before dropping down a whopping 7.2% after Monday’s market close.
