Why GDS Holdings Stock Plummeted 16% Today

Motley Fool11-20

The Chinese data center specialist posted its third-quarter results. While the net loss was much narrower than expected, the company's guidance for capital expenditures got a significant raise....

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The Chinese data center specialist reported third-quarter earnings that beat on the bottom line, but investors were clearly more concerned with those looming expenses. The company's shares closed the day 16% down in value, in contrast to the S&P 500 index's 0.4% gain.A mixed third frameFor the quarter, GDS managed to lift its revenue nearly 18% higher year over year to 2.97 billion yuan ($410 million). The highly specialized tech company also narrowed its net loss considerably; this came in just shy of $28 million, or $0.02 per share. The third-quarter 2023 deficit was nearly $60 million. Although GDS didn't quite reach the consensus analyst estimate of $413 million for revenue, its net loss was far narrower than the average $0.19 per share forecast. A sharp increase in anticipated capexGDS maintained its existing full-year 2024 guidance for both revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). These stand at $1.57 billion to $1.62 billion for revenue and $684 million to $711 million for EBITDA. Bottom-line guidance was not provided. However, the company drastically increased its outlook for capital expenditures. 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