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 surpassed Wall Street expectations.
The Redwood City, California-based real estate investment trust said it had funds from operations of $843 million, or $8.86 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $8.58 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 $231 million, or $2.43 per share.
The data center operator, based in Redwood City, California, posted revenue of $2.13 billion in the period, which fell short of Street forecasts. Ten analysts surveyed by Zacks expected $2.14 billion.
Equinix expects full-year funds from operations in the range of $34.45 to $35.29 per share, with revenue in the range of $8.69 billion to $8.79 billion.
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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
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