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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 beat Wall Street expectations.
The Redwood City, California-based real estate investment trust said it had funds from operations of $801.8 million, or $8.59 per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $7.92 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 $258.8 million, or $2.77 per share.
The data center operator, based in Redwood City, California, posted revenue of $2 billion in the period, also topping Street forecasts. Eight analysts surveyed by Zacks expected $1.98 billion.
For the current quarter ending in June, Equinix said it expects revenue in the range of $2 billion to $2.03 billion. Analysts surveyed by Zacks had expected revenue of $1.89 billion.
The company expects full-year funds from operations in the range of $31.15 to $32 per share, with revenue ranging from $8.18 billion to $8.28 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a EQIX">Zacks stock report on EQIX at https://www.zacks.com/ap/EQIX