Why did EQIX's Q1 2024 earnings fall short?

Equinix's Q1 2024 earnings fell short, as indicated by the difference between the estimated and actual earnings per share (EPS), due to several key factors:

1. **Foreign Currency Translation**: The company experienced a foreign currency benefit of $38 million when compared to the average FX rates in Q4 2023. This suggests that foreign currency fluctuations had an impact on the company's revenue, which in turn affected the overall earnings.
2. **Non-Recurring Revenues**: Equinix had lower non-recurring revenues related to significant xScale activity in Q4 2023, which partially offset the foreign currency benefit. This indicates that certain one-time factors, such as the xScale activity, had an impact on the revenue figures.

In summary, Equinix's Q1 2024 earnings fell short primarily due to foreign currency translation and non-recurring revenues. These factors, although positive in some respects, had a net negative impact on the company's earnings for the period.