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 did not meet Wall Street expectations.
The Redwood City, California-based real estate investment trust said it had funds from operations of $1.07 billion, or $10.79 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $10.89 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 $415 million, or $4.20 per share.
The data center operator, based in Redwood City, California, posted revenue of $2.44 billion in the period, which also missed Street forecasts. Seven analysts surveyed by Zacks expected $2.51 billion.
For the current quarter ending in June, Equinix said it expects revenue in the range of $2.57 billion to $2.61 billion.
The company expects full-year funds from operations in the range of $42.31 to $43.11 per share, with revenue ranging from $10.14 billion to $10.24 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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