Proactive Investors - Run By Investors For Investors

Data center company Switch gains after posting 4Q earnings that beat Wall Street estimates

For the quarter, the data center company reported net income of $0.05 per diluted share on revenue of $103.2 million, compared with a loss of $2.09 on revenue of $99.3 million a year earlier
A Switch facility
The data center company projects 2019 revenue of $436 million to $445 million

Switch Inc (NYSE:SWCH) rallied Wednesday a day after reporting fourth-quarter earnings that beat Wall Street estimates.

For the quarter, the data center company reported net income of $0.05 per diluted share on revenue of $103.2 million, compared with a loss of $2.09 on revenue of $99.3 million a year earlier. The average forecast of economists was for net income of $0.03 on revenue of $104.15 million.

Shares of the company climbed 7.1% to $9.98 in Wednesday's New York trading.

READ: Switch reports second-quarter earnings miss, lowers guidance

Annual revenue increased 7% to $405.9 million from $378.3 million in 2017. Net income of $29.3 million compared with a loss of $8.6 million in the prior year, which included $71.3 million in non-recurring equity-based compensation expenses.

In 2019, the Las Vegas company said it will remain focused on supporting continued growth of its enterprise cloud business.

"Leveraging our best-in-class patented designs, we believe Switch remains uniquely positioned to capture an increasing share of enterprise colocation requirements as the hybrid cloud evolution continues," Rob Roy, CEO, chairman and founder, said in a statement.

The company projected 2019 revenue of $436 million to $445 million, compared with the $449.89 million consensus of analysts.

Contact Dennis Fitzgerald at [email protected]
 

View full SWCH profile View Profile

Switch Inc Timeline

Related Articles

Dollar symbol
January 24 2019
The games publisher and developer has been making strategic partnership deals.
Tavistock
December 03 2018
“Our outlook for growth remains positive", said chief executive Brian Raven.
immotion vr racing game
February 06 2019
The out-of-home VR hardware and content maker turned over more than £1mln in the second half of 2018 with ‘only’ 150 or so headsets in operation, but it wants that figure to climb to over 1,000 by the end of this year
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use