Equinix’s Q3 showed continued growth in recurring revenue, bookings and AFFO per share, alongside a full-year guidance increase. The stock rose 2.9% after earnings, a roughly flat reaction that suggests a measured response rather than a decisive market verdict.
- Monthly recurring revenue grew 11% on a normalized, constant-currency basis; interconnection revenue rose 10%, with Fabric up 24%.
- Annualized gross bookings reached a record $533 million, up 35%; total sales activity rose 38% for a third consecutive quarter above 30%.
- Normalized AFFO per share increased 12%, excluding the atNorth transaction; including atNorth, it grew 18%.
- Pricing on new deals was up 12% year over year, while churn was 1.7%; management said renewal pricing was also increasing.
- Q3 liquid-cooling bookings grew more than tenfold year over year, though the transcript does not provide a financial contribution or margin impact.
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