The Las Vegas company reported fourth-quarter total revenue of $127.7 million, up from $120.5 million. The latest figure missed the FactSet analyst consensus estimate of $131.4 million.
Earnings per share of 6 cents per share topped the consensus estimate by a penny.
"With the industry's highest rated and most sustainable enterprise-class multitenant data centers, innovative edge colocation, secure storage solutions, and low-cost telecommunications offerings, ... Switch is uniquely positioned to benefit from the accelerating digital transformation among enterprises," Chief Executive Rob Roy said in a statement.
Switch shares at last check were down 14% to $15.26. It has traded as low as $14.82, down 16%. A bit less than a year ago the stock touched a 52-week low of $10.30.
Switch guided for 2021 revenue between $540 million and $555 million, with revenue growth weighted toward the back half of 2021. Analysts are expecting revenue of $550.8 million.
Analysts at Raymond James downgraded the stock to outperform from strong buy while lowering their price target to $19 a share from $24. They cited limited disclosure related to customer churn as a risk.
Jefferies analysts lowered their price target on Switch to $21 from $22 while affirming a buy rating.
The investment firm noted that while revenue was weaker than expected, new leasing revenue reflects positive momentum for the company.
Cowen maintained its market-perform rating and $19 price target while also citing churn concern. Customer cloud migration "creates additional questions tied to the risk/visibility into further churn," the investment firm said.
While the stock looks cheap, "we remain comfortable on the sidelines," Cowen's note said, according to Bloomberg.