REDWOOD CITY, Calif. – 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 real estate investment trust, based in Redwood City, California, said it had funds from operations of $414.6 million, or $5.21 per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $4.94 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 $62.9 million, or 79 cents per share.
The data center operator, based in Redwood City, California, posted revenue of $1.22 billion in the period, which also beat Street forecasts. Seven analysts surveyed by Zacks expected $1.21 billion.
Equinix expects full-year revenue in the range of $5.08 billion to $5.12 billion.
The company's shares have dropped slightly more than 6 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $424.09, climbing slightly in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on EQIX at https://www.zacks.com/ap/EQIX