Switch (NYSE:SWCH) stock was down on Tuesday following the release of its earnings report for the second quarter of 2018.
Switch’s earnings report for the second quarter of the year includes earnings per share of 2 cents. This is a drop from the company’s earnings per share of 7 cents from the same time last year. It was also bad news for SWCH stock by coming in below Wall Street’s earnings per share estimate of 5 cents for the period.
Net income reported by Switch for the second quarter of 2018 came in at $9.54 million. The data center company’s net income from the second quarter of 2017 was $14.95 million.
During the second quarter of the year, Switch reported operating income of $15.83 million. This is down from the company’s operating income of $23.54 million that was reported in the same period of the year prior.
Switch also reported revenue of $102.16 million for the second quarter of 2018. This is an increase over its revenue of $92.10 million that was reported in the second quarter of the previous year. However, it was still a blow to SWCH stock by coming in below analysts’ revenue estimate of $110.31 million for the quarter.
Another bit of bad news for SWCH stock in its earnings report was a cut to its guidance for the full year of 2018. Switch says that it is now expecting revenue for the year to range from $405 million to $408 million. It’s previous guidance was for revenue between $423 million to $440 million. This will have it missing Wall Street’s revenue estimate of $428.30 million for the year.
SWCH stock was down 23% as of Tuesday morning and is down 18% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.