Equinix announced it expects 2010 third quarter and full year revenues will be below the Company’s previous outlook.
Equinix now expects third quarter revenues to be in the range of $328.0 to $330.0 million, the midpoint of which is 2.2 percent lower than the midpoint of its previous outlook, and total revenues for the full year to be approximately $1,215.0 million, which is 1.2 percent lower than the midpoint of its previous outlook.
Citigroup downgraded shares of Equinix (NASDAQ:EQIX) from buy to hold as sales growth is expected to slow in 2011. With the downgrade, Citigroup set a price target of $94 per share.
Shares of Equinix are down 32.3%. Competitor Rackspace Hosting (RAX) is down 11%. Salesforce.com (NYSE:CRM) is also taking a hit with the rest of the industry, down 9.3%.
On more than double average daily trading volume, shares of Citrix Systems (CTXS) are down 10.5%.
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