Switch, Inc. (SWCH) released its fourth-quarter 2018 financial results after market close on Tuesday, March 12, 2019.
Quarterly revenue grew to $103.2 million, vs. $99.3 million a year ago.
The company turned to an operating income of $16.9 million, compared to an operating loss of $54.6 million back in 2017.
Net income was $11.2 million in the last quarter of 2018, vs. a loss of $60.3 million for the same quarter in 2017.
“We delivered revenues within our revised guidance range, while our solid cost discipline drove strong profitability with Adjusted EBITDA coming in above the high end of our revised outlook. We enter 2019 well-positioned from a sellable capacity perspective with low debt leverage, and we remain focused on sound execution across all facets of the business,” said Switch CFO Gabe Nacht.
For fiscal 2019, Switch is expected to post revenue of $436-445 million, generating an adjusted EBITDA in the range of $217 million and $223 million. Capital expenditures are touted to be about $210-260 million.
CEO Rob Ray weighed in, “Switch continues to execute on its strategic plan to cultivate hyperscale technology environments across its Primes, which represent the most resilient and technologically advanced colocation facilities in the industry. In 2019, we remain focused on supporting the continued growth of Switch’s Enterprise Elite Hybrid Cloud Ecosystems, including both Fortune 1000 enterprise and leading cloud service provider deployments.”