Digital Realty cuts FY revenue forecast on tight customer spending
Oct 26 (Reuters) - Digital Realty Trust lowered its full-year revenue forecast on Thursday, underscoring weakness in the data center market with customers holding off further investment amid uncertainty in the global economy.
The company, which has over 250 data center locations and gets over half of its operating revenue from outside the United States, forecast 2023 revenue between $5.48 billion and $5.53 billion, down from its previous outlook of $5.50 billion to $5.60 billion.
Digital Realty offers managed data centers on lease to clients in sectors that range from cloud, information technology to social networking and communications to manufacturing.
Revenue grew 18% to $1.40 billion in the third quarter ended Sept. 30, in line with analysts' estimates from LSEG.
Funds from operations - a measure that captures trends in occupancy rates, rental rates and operating costs - were $482 million.
Net income available to common stakeholders grew over 200% to $723.4 million, or $2.33 per share. (Reporting by Yuvraj Malik in Bengaluru)
