What happened

Shares of IT infrastructure specialist Switch (NYSE:SWCH) fell as much as 13.3% on Friday following the company's fourth-quarter earnings report.

So what

Fourth-quarter sales rose 17% year over year to $121 million. Earnings fell from $0.05 to $0.04 per diluted share. The bottom-line figure was in line with Wall Street's estimates, and revenue came in slightly above your average analyst's projection of $119 million. Switch's revenue guidance of roughly $514 million for fiscal year 2020 also landed just above the current analyst view of $512 million.

A data center.

Image source: Getty Images.

Now what

Both the reported results and revenue guidance were in line with Wall Street's expectations, and Switch will continue to expand its data center facilities in 2020. On a day like this, it's fair to ask whether the coronavirus scare or other Chinese trade issues weighed on Switch's stock, but neither the virus nor China were mentioned at all in the press release or earnings call.

It's just one of those situations where investors were hoping to see a more impressive set of surprises. Even after today's sharp correction, Switch shares have gained 80% in 52 weeks and are trading at 130 times trailing earnings. Growth investors should keep an eye on this red-hot stock, and this correction might serve as an attractive buy-in opportunity.