Equinix stock (NASQAD: EQIX) price has recovered significantly since its 2022 lows. In October 2022, the price fell below $500 which was the lowest level since March 2020. Nevertheless, the price is up 9% since the start of 2023.
Equinix shares tanked this week before the release of Q4 financial results. However, the results came out very positive Equinix stock has shown minor gains since then. According to the latest financial report, the US digital infrastructure provides ended last year with a 41% higher net income.
Equinix is a US-based digital infrastructure provider which is headquartered in California. The firm provides a wide range of internet services that also include Equinix data center. The company’s stock is listed in NASDAQ stock exchange as NASDAQ: EQIX.
EQUINIX Reports 6% Uptick In YoY Quarterly Revenue
As per the recent Equinix news, the firm has reported a 6% YoY increase in its Q4 revenue. The revenue of the US digital infra provider remained $1.6 billion in the final quarter of 2022. It was also a 1.6% uptick from the firm’s Q3 revenue.
In the fourth quarter of 2022, the operating income of Equinix remained at $282 million, which was a YoY increase 13%. However, this was still less the firm’s previous quarterly results. The firm’s diluted earnings per share also fell sharply on a quarterly basis. The figure decreased from $2.3 to $1.39. However, it was still a small improvement on yearly basis.
Equinix Stock Forecast
Technical analysis of NASDAQ: EQIX price chart shows that the price has been in an uptrend since its 2022 low of $498. Since then price has surged by more than 40%. However, Equinix stock price has faced resistance from $710 level. This week the price feel below this level but is now crawling back up after the firm reported an increase in revenue.
The stock fell below this level to tag the low of 682 on Thursday. However, it immediately recovered and closed above the key level of $722. The 200-day moving average must act as a line in the sand for the bulls. Any daily closure below this level would give bears a lot of momentum.