Equinix’s Q1 print landed close to expectations, with shares rising a modest 0.6% post-earnings. Recurring revenue growth and robust sales activity tracked well, but there were no clear surprises — investors appeared to receive the print neutrally.

• Recurring revenue grew 10% on a normalized, constant currency basis, at the higher end of internal expectations.
• Q1 marked Equinix’s second consecutive quarter of double-digit monthly recurring revenue (MRR) growth.
• The company saw a record quarter for total sales activity, up 35% year-over-year, and ongoing margin improvement.
• Roughly 60% of the largest Q1 deals were AI-related, with large capacity fabric connections tripling year-over-year.
• Guidance was raised on several key metrics, but overall market reaction suggests any positive adjustments were largely anticipated.