The teenager was billed as one of Team GB's biggest hopes in Sochi, having become the first female Briton to win a World Cup skiing medal last year.
However, Summerhayes fell on her second jump when she attempted a switch 1260 and her left ski came up upon landing. Her 19.40 score left her in 10th spot after the first runs.
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Summerhayes completed her second run with 70.60, much to the patriotic BBC commentators' delight, but ultimately finished seventh.
"I'm gutted, I really am gutted," she said.
Canada's Dara Howell stormed to the title with a score of 94.20, while Devin Logan took silver and Kim Lamarre earned bronze.