Vertiv shares fell about 14% in premarket trading on Wednesday after the company’s second-quarter revenue missed Wall Street estimates. The data centre equipment maker reported net sales of $3.27 billion, up 24% from a year earlier. But analysts were expecting $3.38 billion. That small miss was enough to hurt the stock because Vertiv had already risen about 67% this year through Tuesday’s close.
The company did better on profit. Adjusted earnings rose to $1.52 a share, above analysts’ estimate of $1.43. Net income increased to $497.8 million, or $1.27 a share, from $324.2 million, or 83 cents a share, a year earlier.
