- Switch (NYSE:SWCH) has slipped 9.6% in postmarket action after posting a miss in Q1 earnings.
- The company's continuing to "execute on its market expansion strategy," says Founder/Chairman/CEO Rob Roy.
- Revenues grew nearly double digits but missed, and operating income fell 61% to $9.4M -- much of that decline impacted by $12.4M in equity-based compensation expense vs. a year-ago $2.3M.
- Net income, meanwhile, fell to $4M from $20.3M.
- EBITDA of $46.9M was down fractionally and missed an expected $49.5M.
- Churn came to 0.1% (flat).
- Liquidity was $739M (including its revolving line of credit) and total debt outstanding net of cash/equivalents was $374M.
- For 2018, it's reiterating guidance for revenues of $423M-$440M (vs. consensus for $431.3M); EBITDA of $216M-$224M (vs. expectations for $217.7M) and capex of $260M-$310M.
- Conference call to come at 5 p.m. ET.
- Press release
Switch -9.6% as revenues miss despite near double-digit gain
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