- Internap Network Services (NASDAQ:INAP) has tumbled 24.7% to a two-year low after profits missed in its latest quarter and full-year guidance is coming on the light side of expectations.
- Revenues that grew 20.4% Y/Y (and rose 1.2% sequentially) were in line.
- EBITDA of $29.4M was up 3.5% Q/Q and 26.2% Y/Y.
- But net loss widened (to $15.1M on a GAAP basis, from $10.9M) amid higher costs for exit activities, restructuring and impairments. Normalized net loss swelled to $11.2M from $10.1M.
- Contributions from business units: INAP US, $29.8M (up 27.7% Y/Y); INAP INTL, $5.8M (down 4.1%).
- Cash and equivalents came to $11.8M as of Sept. 30; total debt was $696.2M. Internap in August had entered into a credit amendment to increase its revolving capacity by $10M, to $35M.
- It's trimmed and narrowed full-year revenue guidance to $320M-$324M (vs. consensus for $323.2M), and narrowed EBITDA guidance to $111M-$114M (vs. expected $114.6M).
- Previously: Internap Network Services misses by $0.23, revenue in-line (Nov. 01 2018)
- Press release