Shares of Vertiv Holdings tumbled after the data-infrastructure company's second-quarter revenue missed expectations.
Vertiv on Wednesday posted adjusted earnings of $1.52 a share, up from 95 cents a year ago and above Wall Street expectations for $1.42. Sales grew 24% to $3.27 billion but missed the analyst consensus call for $3.38 billion, according to FactSet.
The company also updated its full-year outlook. Vertiv forecasts adjusted earnings of $6.65 to $6.75 a share on net sales of $13.8 billion to $14 billion. The company previously expected earnings of $6.30 to $6.40 a share on sales ranging from $13.5 billion to $14 billion.
Wall Street expects full-year earnings of $6.49 a share with sales totaling $13.88 billion, according to FactSet.
Vertiv stock sank 11% to $239 in premarket trading on Wednesday after ending Tuesday down 6.3%. Shares have gained 66% this year and 89% over the past 12 months.