REDWOOD CITY, Calif. (AP) — REDWOOD CITY, Calif. (AP) — Equinix Inc. (EQIX) on Wednesday reported a key measure of profitability in its fourth quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Redwood City, California, said it had funds from operations of $657.8 million, or $7.09 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $6.82 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 $128.8 million, or $1.39 per share.
The data center operator, based in Redwood City, California, posted revenue of $1.87 billion in the period, also surpassing Street forecasts. Nine analysts surveyed by Zacks expected $1.86 billion.
For the year, the company reported funds from operations of $2.71 billion. Revenue was reported as $7.26 billion.
Equinix expects full-year funds from operations in the range of $30.79 to $31.64 per share, with revenue in the range of $8.15 billion to $8.24 billion.
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
Copyright © 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.