Welcome to our dedicated page for Equinix news (Ticker: EQIX), a resource for investors and traders seeking the latest updates and insights on Equinix stock.
Equinix, Inc. (NASDAQ: EQIX) is a leading digital infrastructure company that operates the world's most interconnected data centers. With over 260 data centers spread across 71 markets and 5 continents, Equinix connects businesses to their customers, employees, and partners, enabling them to accelerate their business, IT, and cloud strategies. Equinix operates as a Real Estate Investment Trust (REIT), generating approximately 70% of its revenue from renting data center space and related services, and 15% from interconnections.
Equinix's customer base includes over 10,000 clients, with 2,100 network providers across various sectors such as cloud and IT services, content providers, financial services, and enterprise. The company's unique global interconnection platform fosters new business opportunities by enabling interdependent enterprise business models to thrive in a digital economy.
Equinix has made significant strides in sustainability, recently announcing a Power Purchase Agreement (PPA) with TagEnergy to purchase 151 megawatts of renewable energy from the Golden Plains Wind Farm in Australia. This agreement is part of Equinix's broader strategy to bring clean energy to regions where renewable energy projects face challenges. The company has executed 21 PPAs globally, resulting in 3,000,000 MWh of renewable energy and aims to achieve 100% renewable energy coverage across all operations by 2029.
Financially, Equinix continues to show robust growth. In Q1 2024, the company reported $2.1 billion in revenue, marking a 6% increase from the same quarter in the previous year. The company expects to achieve a revenue range of $8.793 to $8.893 billion for the year, with an adjusted EBITDA margin of 47%. Equinix's strong financial performance is supported by its strategic expansion and partnerships.
Recent leadership changes have positioned Equinix for further growth. Charles Meyers will transition to Executive Chairman, with Adaire Fox-Martin from Google Cloud stepping in as the new President and CEO. This leadership transition underscores Equinix's commitment to leveraging industry expertise to drive innovation and growth.
In addition to its operational and financial achievements, Equinix is committed to transparency and integrity in its financial reporting. The company is currently cooperating with an independent investigation and a class action lawsuit concerning alleged financial misstatements and overselling power capacity. Despite these challenges, Equinix remains confident in its long-term growth prospects and continues to see high relevance of its value proposition to its customers.
Equinix's commitment to innovation, sustainability, and customer success makes it a critical player in the global digital infrastructure landscape, enabling organizations to scale with agility, speed digital service launches, and achieve sustainability goals.
Equinix (Nasdaq: EQIX) has announced its planned entry into the Philippines with the acquisition of three data centers from Total Information Management (TIM). This strategic move aims to expand Equinix's digital infrastructure platform and capitalize on the fast-growing Southeast Asian market. The all-cash transaction, valued at approximately 15x projected EBITDA at full utilization, is expected to close in 2H 2024.
The acquisition will provide Equinix with capacity to address digital needs of businesses in the Philippines, offering access to Platform Equinix® for secure data exchange within a global ecosystem. The Philippines' digital economy is projected to reach $35 billion by 2025, growing at a 20% CAGR. This expansion aligns with Equinix's vision to extend its leadership in the Asia-Pacific region and accelerate digital economy growth.
Equinix (Nasdaq: EQIX), a leading digital infrastructure company, has scheduled its second-quarter 2024 conference call for August 7, 2024, at 5:30 p.m. ET. During this call, the company will present its financial results for the quarter ending June 30, 2024. Stakeholders can access the call by dialing 1-517-308-9482 and using the passcode EQIX, or via a live webcast on the Equinix website under the Investor Relations section. A replay will also be available until September 30, 2024, by dialing 866-407-9261 and entering passcode 2024. The webcast replay will remain accessible on the company's website.
Bronstein, Gewirtz & Grossman, a recognized law firm, has announced a class action lawsuit against Equinix (NASDAQ: EQIX) and some of its officers. The lawsuit claims that between May 3, 2019, and March 24, 2024, the company made false or misleading statements and failed to disclose important information, including financial manipulations and inadequate internal controls. Investors who suffered losses have until July 1, 2024, to request to be lead plaintiffs. The firm is working on a contingency fee basis.
Equinix announced the expansion of its Heat Export program, encouraging municipal planning agencies, energy utilities, and heat network operators to join in leveraging residual heat from its IBX data centers. The initiative, already active in regions like France, Finland, Germany, Ireland, Switzerland, and Canada, aims to provide a sustainable heating solution amidst rising global energy prices. Key projects include the PA10 IBX in Paris, set to heat the Plaine Saulnier urban zone and the Olympic Aquatic Centre, and TR5 in Toronto, supplying heat to multiple residential and commercial buildings. Equinix's sustainability strategy focuses on energy efficiency and renewable energy, aiming for climate neutrality by 2030.
Equinix announced its participation in two upcoming investor conferences.
At the NAREIT REITweek Conference on June 4, CFO Keith Taylor will present at 9:30 a.m. EST.
At the Nasdaq Investor Conference on June 12, SVP Phillip Konieczny and SVP Katrina Rymill will present at 1:30 p.m. BST.
The presentations will be available via webcast on the Equinix Investor Relations website.
Equinix (Nasdaq: EQIX) announced the pricing of a $750 million public offering of 5.500% Senior Notes due 2034. After conversion to EUR, the effective interest rate will be approximately 3.9%. These Notes, issued by wholly-owned subsidiary Equinix Europe 2 Financing , will be unsecured and guaranteed by Equinix. The transaction is expected to close on May 30, 2024. The net proceeds, estimated at $736 million, will fund acquisitions, development, working capital, and refinancing of existing debt. This includes the repayment of $1 billion principal of U.S.-dollar denominated Senior Notes due November 2024. Leading financial institutions such as Barclays, BNP Paribas, BofA Securities, Goldman Sachs, HSBC, and J.P. Morgan are managing the offering.
Equinix (Nasdaq: EQIX) has announced the availability of Dell PowerStore on Equinix Metal, introducing a new enterprise-grade Storage as a Service (STaaS) solution. This service offers flexible configurations to manage high-performance multicloud workloads through low-latency connectivity, enhancing data collection and distribution. It provides scalable storage with a burst capacity of 25% above committed levels, reducing total cost of ownership (TCO) and optimizing resources. Key benefits include global availability, simplified infrastructure management, and robust security with multi-layer data encryption. The service is available in over 30 markets, including Brazil, with an entry point of 25 tebibytes.
Equinix (Nasdaq: EQIX), a leading digital infrastructure company, announced that its President and CEO, Charles Meyers, will participate in a fireside chat at the J.P. Morgan 52nd Annual Global Technology, Media, and Communications Conference. The event is scheduled for Monday, May 20, 2024, at 3:50 p.m. EDT. Interested parties can access the webcast through the Investor Relations section of the Equinix website.
Equinix, Inc. (Nasdaq: EQIX) has declared a quarterly cash dividend of $4.26 per share on its common stock, to be paid on June 19, 2024, to shareholders on record on May 22, 2024. Equinix is known as the world's digital infrastructure company®, providing a trusted platform for digital leaders to interconnect foundational infrastructure at software speed, enabling organizations to scale, launch digital services, and deliver world-class experiences.
Equinix reported first-quarter 2024 results with a 6% increase in quarterly revenues to $2.1 billion, closed 3,800 deals across more than 3,100 customers, and saw accelerated hyperscale demand driving 48 megawatts of xScale leasing in EMEA and APAC. Operating income increased by 5% to $364 million, net income rose to $231 million, and adjusted EBITDA reached $992 million. The company provided 2024 annual guidance projecting revenue of $8.692 - $8.792 billion, adjusted EBITDA of $4.044 - $4.124 billion, and AFFO of $3.290 - $3.370 billion.
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