Equinix (NASDAQ:EQIX) surged 11% after the company reported its Q1 results. Also, securities litigation firm Levi & Korsinsky highlighted a potential recovery option for investors who lost their money on the stock.
Background: A securities lawsuit was filed against Equinix (EQIX) that seeks to recover losses of shareholders who were adversely impacted by the securities fraud between May 3, 2019, and March 24, 2024.
The case shows multiple allegations on Equinix (EQIX) including that the data REIT firm manipulated its financials to reduce operational expenses and boost AFFO, Business Insider showed.
Swinging back to recent reports, Q1 showed improvement in AFFO, though missed estimates on top and bottom line.
Q1 AFFO per share of $8.86 per share, a 21% increase over the previous quarter and $0.26 better than FactSet consensus of $8.60. Adjusted EBITDA increased 8% to $992M with an adjusted EBITDA margin of 47%.
The digital infrastructure company gave FY guidance with revenues expected between $8.692B and $8.792B, a 6-7% rise from last year ( below consensus of $8.86B); Adjusted EBITDA expected between $4.044B -4.124B, and a 47% adjusted EBITDA margin; AFFO per share $34.45-$35.29, an increase of 7-10% from last year (vs. consensus FFO estimate of $25.11)
Q2 guidance: Revenue of $2.148B to $2.168B, an increase of ~1-2% Q/Q (below consensus of $2.18B); Adjusted EBITDA is expected to be between $1.019B to $1.039B.