REDWOOD CITY, Calif. – REDWOOD CITY, Calif. (AP) _ Equinix Inc. (EQIX) on Thursday 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 $402.3 million, or $5.01 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $4.95 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 $124.8 million, or $1.55 per share.
The data center operator, based in Redwood City, California, posted revenue of $1.28 billion in the period, which met Street forecasts.
Equinix expects full-year revenue in the range of $5.06 billion to $5.07 billion.
The company's shares have decreased 15 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $386.69, a decrease of 17 percent in the last 12 months.
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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
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