AUS
NZ
UK
CA
USA
IND
Data center operator Switch, Inc. (NYSE:SWCH) stock popped over 19 percent on Friday morning, while online review platform Yelp Inc. (NYSE:YELP) rose around 8 percent as both the companies raised their full-year 2021 outlook after reporting a stronger-than-expected June quarter performance.
Switch Inc.
Switch on Aug. 6 improved its full-year revenue forecast to the range of US$566 million to US$574 million, compared to its previous expected range of US$543 million to US$555 million.
Adjusted EBITDA is now expected between US$295 million and US$303 million, up from the earlier projection of US$281 million to US$290 million. The forecast does not include contributions from Data Foundry, which it acquired in June.
On a consolidated basis, Switch targets revenue in the range of US$566 million to US$574 million, while adjusted EBITDA is projected between US$295 million and US$303 million
In the second quarter ended June, Switch saw its consolidated revenue grow 11.6 percent year over year to US$141.7 million. Adjusted EBITDA during the three months increased 14.3 percent to US$79 million.
Net income totaled US$9.7 million, or 3 cents per share, down from US$13.3 million, or 5 cents per share, in the year-ago period.
Meanwhile, the company announced a dividend of 5.25 cents per share of its class A common stock, up 5 percent from the previous quarterly dividend.
READ MORE: Fiverr (FVRR), Fastly (FSLY) cut FY’21 outlook, stocks plummet
Source: Pixabay
READ MORE: Uber (UBER), Lyft (LYFT) report strong second-quarter revenue growth
Yelp Inc.
The San Francisco-based company now projects 2021 net revenue to come in the range of US$1.01 billion to US$1.03 billion and adjusted EBITDA between US$200 million and US$220 million. Previously, it expected net revenue between US$1 billion and US$1.02 billion, and adjusted EBITDA in the range of US$175 million to US$195 million.
In the second quarter, Yelp reported a 52 percent year-over-year growth in its net revenue to US$257 million. Paying advertising locations and ad clicks climbed 40 percent and 87 percent, respectively.
The company posted a net income of US$4 million, 5 cents per share, compared to a net loss of US$24 million, or 33 cents per share, in the year-ago period. Adjusted EBITDA soared 473 percent to US$64 million.
Yelp noted that it achieved record retention and revenue from services categories and self-serve channel.
In addition, Yelp’s board lifted its share buyback program by US$250 million to a total remaining authorization of US$345 million.
Share performance
Switch currently has a market capitalization of US$5.84 billion. It has a P/E ratio of 85.34. The stock gained 48 percent year to date. It was trading between US$13.38 and US$25.59.
As of 10:44 am ET, Switch was trading at US$24.20, up 19.15 percent.
Yelp’s market capitalization totals around US$3 billion. Its stock returned 21 percent this year. The shares have a 52-week range of US$39.92 to US$43.27.
As of 11:04 am ET, Yelp stock rose 8.49 percent to US$40.36.
READ MORE: Moderna (MRNA) revenue soars 6467%, Cigna (CI) net income falls 16%
Please note: The above constitutes a preliminary view, and any interest in stocks/cryptocurrencies should be evaluated further from an investment point of view.
The reference data in this article has been partly sourced from EODHD/Others.
