Switch, Inc. (NYSE: SWCH) announced its financial results for the first quarter on Monday.
With both revenue and earnings missing estimates, shares of the company dropped around 10% in after-hours trading on Monday and dropped 15.6% to $13.12 per share in afternoon trading hours on Tuesday.
According to the company, total revenue increased from $89.2 million for the same period last year to $97.7 million for the first quarter. The result missed analysts’ estimates of $99.8 million.
As for earnings, the company reported its net income for the first quarter of $4 million, or 2 cents per share, decreasing from $20.3 million, or 10 cents per share, for the year-ago period. The results were also below analysts’ estimates of 5 cents per share.
“Switch continues to execute on its market expansion strategy,” Rob Roy, the CEO, chairman and founder of the company, said in the statement this week. “We are excited about our growth prospects in 2018 in our Citadel and Pyramid Primes, and the continued growth in our Core Campus.”
“Switch offers its clients significant expansion capacity and compelling cost savings at the highest rated resiliency data centers in the world. We have a strong track record of consistent growth as we continue to attract global enterprises to our world class facilities,” Gabe Nacht, the CFO of Switch, said in the statement.