Australia's NEXTDC slips after slashing annual forecasts

NEXTDC

30/10/2026 01:26

** Shares of NEXTDC NXT.AX down around 44.5% for the month, poised for their worst month ever, if losses hold 
** Stock down as much as 4.4% to A$5.90 on the day
** Earlier in the month, the Australian data centre operator shed nearly half of its market value after sharply cutting annual revenue forecasts and putting future developments on hold
** NXT expects net revenue of A$475 million-500 million ($334.02 million-351.60 million) in 2027, down from its prior outlook of A$615-640 million, excluding affected contracts at at one of its major Melbourne data centre projects
** This week, CEO Craig Scroggie will give up his fiscal 2027 bonus opportunities, said board withdrew resolution seeking shareholder approval to increase maximum aggregate annual remuneration of non-executive directors by A$300,000
** YTD, stock down 52.2%, including the day's moves

($1 = 1.4221 Australian dollars)

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((shivangi.lahiri@thomsonreuters.com))