NEW YORK (TheStreet) -- Shares of 21Vianet Group Inc. (VNET) - Get Report are declining by 8.65% to $17 on heavy volume in mid-afternoon trading on Wednesday, after the China-based carrier-neutral Internet data center services provider reported its 2015 first quarter earnings results.

For the most recent quarter 21Vianet said its adjusted earnings were 2 cents per ADS, just missing the 3 cents per ADS analysts were looking for.

The company's net revenues grew by 46.8% to $138.7 million versus the $145 million analysts had forecast.

So far today, 2.21 million shares of 21Vianet Group have exchanged hands as compared to its average daily volume of 668,000 shares.

Although 21Vianet missed expectations for the latest quarter, the company is happy with its financial results for the period.

"Our year is off to a solid start with demand for our internet data center ("IDC") and cloud businesses driving top-line revenue growth and EBITDA expansion. For our IDC business, we had a strong quarter of cabinet sales and a robust pipeline. We further expanded our data center portfolio to a total of 22,024 cabinets at the end of the first quarter, representing a growth of 46.1% year-over-year," company CEO Josh Chen said in a statement.

Separately, TheStreet Ratings team rates 21VIANET GROUP INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:

"We rate 21VIANET GROUP INC (VNET) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."

You can view the full analysis from the report here: VNET Ratings Report

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