Switch Inc. (NASDAQ: SWCH) stock declined by 0.2% at last close whereas the SWCH stock gains by 18.81% in the pre-market trading session. Switch is a pioneer in exascale data center ecosystems, edge data center architectures, industry-leading telecommunications services, and next-generation technologies.
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SWCH stock, Financial Results
Switch has announced its second-quarter 2021 financial results. Given below are the highlights:
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- The company has generated its revenue as $141.7 million and the net income is calculated as $9.7 million.
- SWCH’ Adjusted EBTIDA for the second quarter of 2021 was $79.0 million.
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Business Highlights
- Data Foundry was purchased for $420 million on June 7, 2021, and the deal was finalized on June 7, 2021.
- On June 7, 2021, Switch issued $500 million in eight-year senior unsecured notes at a rate of 4.125 percent to support the Data Foundry purchase and for general company purposes.
- At both The Core Campus and The Keep Campus, they completed an expansion order with an established global logistics client worth over $4.5 million in yearly revenue and over $20 million in total contract value.
- A multi-campus contract worth over $5.5 million was signed with a new materials innovation customer.
2021 Outlook
Switch has announced its revised full-year 2021 forecast, except Data Foundry contributions, which are given below:
- Revenue expected between $566 million to $574 million, representing an organic growth estimate of 11% at the midpoint.
- Adjusted EBITDA in the range of $295 million to $303 million, with a 52.5 percent margin and 11% organic increase at the midpoint.
- $371 million to $401 million in capital expenditures, minus land purchases.
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Rob Roy, Founder, and CEO of Switch commented,
Customer installations have outpaced estimates in the first half of 2021, leading in good backlog conversion and increased revenue growth. They are already implementing operational savings and experiencing significant client demand in Texas after the completion of their Data Foundry purchase. As they continue to increase capacity at The Rock Campus, both at Dell’s global headquarters and at the Data Foundry locations in Austin and Houston, they look forward to discussing future developments. These efforts come on top of their busy development schedule throughout the other Switch Primes, where they aim to open 1.3 million square feet of space by early 2023.