Vertiv Holdings (VRT) reported Q2 results on July 29 that presented a paradox familiar to investors in richly valued growth stocks: the company beat on earnings but missed on revenue, and the stock was punished severely. VRT shares fell nearly 17% intraday, making Vertiv one of the worst performers in the benchmark S&P 500 Index ($SPX), and a leading drag on the industrials sector in particular. Q2 earnings per share (EPS) of $1.52 exceeded the high end of management's prior guidance range, while adjusted operating profit of $738 million also topped the previously guided ceiling of $730 million. Why Did Vertiv Stock Tank Then? That said, for VRT stock trading at 45x forward earnings and 26x book value, the topline softness became an immediate catalyst for de-risking.