Why Equinix Stock Dropped 12% in February
Shares of data center real estate investment trust (REIT) Equinix (NASDAQ: EQIX) fell by roughly 12% in February, according to data from S&P Global Market Intelligence. The drop was largely driven by its fourth-quarter earnings update, which on the surface wasn't bad.
In 2020, Equinix grew revenues by 8%, in line with the full-year guidance it laid out in 2019. Adjusted funds from operations (FFO), a metric that REITs use similarly to the way industrial companies use earnings, increased by 9%, which was toward the high side of its guidance range. That all sounds like good news.
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Source Fool.com
