Equinix: 3Q Earnings Snapshot
REDWOOD CITY, Calif. (AP) _ Equinix Inc. (EQIX) on Wednesday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.
The Redwood City, California-based real estate investment trust said it had funds from operations of $579.7 million, or $6.48 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $6.03 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 $66.7 million, or 74 cents per share.
The data center operator, based in Redwood City, California, posted revenue of $1.52 billion in the period, also topping Street forecasts. Eight analysts surveyed by Zacks expected $1.5 billion.
Equinix expects full-year funds from operations in the range of $24.38 to $24.61 per share, with revenue in the range of $5.98 billion to $6 billion.
The company's shares have risen 30% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $756.07, an increase of 33% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on EQIX at https://www.zacks.com/ap/EQIX
