Vertiv premarket stock falls 14% after Q2 sales miss estimates
Vertiv, a major name in data center technology, saw its stock take a roughly 14% hit in premarket trading on Wednesday.
This came right after the company reported second-quarter sales of $3.27 billion, up 24% from last year, but still not quite what Wall Street expected.
Investors got nervous since Vertiv's stock had already risen about 67% earlier this year.
Vertiv raises forecast despite AI timing
Vertiv said the shortfall was due to "minor timing shifts" in rolling out large AI data center projects, meaning some revenue will show up in future quarters instead.
Despite that hiccup, Vertiv's profits jumped: operating profit rose 44%, and adjusted operating profit climbed 51%.
The company even raised its full-year forecast, saying demand for its AI power and cooling systems remains high, just that big projects can get complicated sometimes.