Market Overview

Switch Reports Mixed Q4 Earnings Results, Shares Continue Move Higher

Switch Reports Mixed Q4 Earnings Results, Shares Continue Move Higher

Switch Inc (NYSE: SWCH) shares continued trading higher in Tuesday's after-hours session following a mixed quarterly earnings print.

Fourth-quarter earnings per share came in at 5 cents, beating estimates by 2 cents. Sales of $103.21 million came in lower than the $104.15 million analysts expected.

The company sees full-year 2019 sales in a range of $436-$445 million, below the $449.8-million estimate.

"In its first full year as a public company, Switch achieved several key strategic milestones while maintaining focus on our long-term business model," President Thomas Morton said in a statement. 

"We are pleased with Switch's progress toward meeting its financial and strategic goals during the final quarter of 2018," said CFO Gabe Nacht. "We delivered revenues within our revised guidance range ... we enter 2019 well-positioned from a sellable capacity perspective with low debt leverage, and we remain focused on sound execution across all facets of the business."

Switch's stock ran up nearly 13 percent in Tuesday's regular trading session, closing at $9.31 per share.

In after-hours trading, the stock was up another 9.5 percent at the time of publication.

Related Links:

Data Center Operator Switch's Business Model Snags Vote Of Confidence From Stifel

What Started In Vegas Isn't Staying In Vegas: Switch Goes Global

Photo courtesy of Switch. 

Posted-In: Earnings News Guidance After-Hours Center Movers Trading Ideas Best of Benzinga


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