Switch Inc. shares fell in the extended session Monday even after the data-center company’s quarterly results–their first as a public company–topped Wall Street estimates. Switch shares fell 4.6% to $19.10 after hours, following a 5.7% gain to close the regular session. Shares had soared more than 20% above their $17 initial price on the day of Switch’s early October IPO, and have since traded as high as $24.90. The company reported third-quarter net income of $16.5 million, or 8 cents a share, compared with $15.9 million, or 8 cents a share, in the year-ago period. Revenue rose to $97.7 million from $81.7 million in the year-ago period. Analysts surveyed by FactSet had estimated 7 cents a share on revenue of $95.8 million. For the full year, Switch estimates revenue of $372 million to $380 million. Analysts expect revenue of $374.4 million.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News