Switch Inc Stock Down on Q1 Earnings Miss

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.

Switch Inc
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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.

Article printed from InvestorPlace Media, https://investorplace.com/2018/05/switch-inc-swch/.

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