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Research Alert: Equinix Q1: Revenue And Affo Miss, Large Ai Deals Fuel $378m Bookings Growth

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-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

EQIX reported Q1 total revenue of $2.44B, up 9.8% Y/Y from $2.23B in the prior year, though falling $66M short of consensus estimates. Colocation revenue grew 12.0% to $1.73B, while Interconnection revenue increased 13.5% to $446M, with Managed Infrastructure remaining flat at $115M and non-recurring revenue declining 18.1% to $113M. The company demonstrated strong underlying momentum with Q1 annualized bookings reaching $378M and record annualized presales of $140M, with approximately 60% of the largest deals being AI-related, highlighting EQIX's strategic positioning to capitalize on the AI megatrend driving data center demand. We expect interconnection revenue growth to accelerate Q/Q in 2026 from the current 13.5% Y/Y pace, a trend that has shown consistent improvement for five consecutive quarters. In our view, this trend positions EQIX well for continued expansion in this high-margin segment as enterprise AI adoption broadens across industries.

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