Switch Inc Stock Sinks After Q4 Earnings Miss
Switch Inc (NYSE:SWCH) stock was down today following the release of its earnings report for its fiscal fourth quarter of 2017.
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During its fiscal fourth quarter of the year, Switch Inc reported losses per share of 47 cents. This is bad news for SWCH stock by coming in well below Wall Street’s losses per share estimate of 21 cents for the period.
Net loss reported by Switch Inc for its fiscal fourth quarter of 2018 was $60.30 million. This is a much wider net loss than the $19.80 million that it reported in the same period of the year prior.
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Switch Inc’s operating loss for its fiscal fourth quarter of the year was $54.60 million. The data center developer reported an operating loss of $7.50 million for the fiscal fourth quarter of 2016.
Revenue reported by Switch Inc for the fiscal fourth quarter of 2018 came in at $99.33 million. This is an increase over its revenue of $81.89 million that was reported in the same quarter of the previous year. However, it wasn’t enough to save SWCH stock today, even by coming in above analyst’ revenue estimate of $98.80 million for the quarter.
Switch Inc also provides guidance for the fiscal full year of 2018 in its most recent earnings report. The company says that it is expecting revenue for the year to range from $423 million to $440 million. Wall Street is looking for SWCH to report revenue of $431.34 million for the fiscal full year.
SWCH stock was down 16% as of Tuesday afternoon.
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As of this writing, William White did not hold a position in any of the aforementioned securities.
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