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Switch Falls Despite Beat On First Earnings Report As Public Company

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Switch Falls Despite Beat On First Earnings Report As Public Company
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Switch Inc (NYSE: SWCH) shares fell despite beating top and bottom estimates in the third quarter, its first earnings release as a public company.

The Las Vegas-based tech infrastructure company delivered third quarter EPS of 8 cents, just beating estimates by a penny. Revenues came in nearly $2 million ahead of estimates at $97.7 million.

"Switch delivered a strong third quarter, achieving its highest-ever revenue and operating profit for a single quarter," said CEO Rob Roy. "All of our growth was organic, and we ended the quarter with over 800 customers, adding notable enterprises to our customer base. Our innovative, patent-protected technology and strategically located hyperscale campus ecosystems continue to be key differentiators leading customers to choose Switch for their mission critical data."

Q3 Highlights

  • Record quarterly revenue of $97.7 million
  • Adjusted EBITDA of $49.7 million
  • Company sees FY17 sales of $372-$380 million

Shares of Switch were trading down more 3 percent after hours to $19.40. The stock was up nearly 10 percent since last week.

Click here to see the full results.

Posted-In: Rob RoyEarnings News After-Hours Center Movers Best of Benzinga

 

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