Equinix: Q1 Earnings Snapshot
REDWOOD CITY, Calif. (AP) — REDWOOD CITY, Calif. (AP) — Equinix Inc. (EQIX) on Wednesday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The Redwood City, California-based real estate investment trust said it had funds from operations of $947 million, or $9.67 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $8.96 per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $343 million, or $3.50 per share.
The data center operator, based in Redwood City, California, posted revenue of $2.23 billion in the period, also exceeding Street forecasts. Eight analysts surveyed by Zacks expected $2.22 billion.
For the current quarter ending in June, Equinix said it expects revenue in the range of $2.24 billion to $2.26 billion.
The company expects full-year funds from operations in the range of $37.36 to $38.17 per share, with revenue ranging from $9.18 billion to $9.28 billion.
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