Australians also don’t like data centers: NextDC shares fall 42% after community opposition stalls a grid upgrade
Source: Fortune ·
NextDC also cut capital spending by up to 750 million Australian dollars and put new data center projects and land purchases on hold.
From the source
NextDC, an Australian data center operator, is the latest such company to get hit by a growing investor selloff of AI stocks. Shares in the Brisbane-based company fell by 41.7% on Wednesday after it sharply cut its annual revenue and earnings forecast, blaming community opposition and delays to grid upgrades. NextDC now expects to generate between 475 million and 500 million Australian dollars ($333 million to $350 million), down from a previous forecast of 615 million to 640 million Australian dollars. It also cut its forecast for earnings before interest, tax, depreciation, and amortization (EBITDA) to between 245 million Australian dollars and 265 million Australian dollars ($172 million to $186 million) In an exchange filing to the Australian Securities Exchange, NextDC blamed setbacks to its M3 Melbourne data center. Jemena, an electricity provider that supplies power to M3, suspended part of its improvement works last month; it does not expect to restart them before February…