REDWOOD CITY, Calif. (AP) _ Equinix Inc. (EQIX) on Wednesday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The Redwood City, California-based real estate investment trust said it had funds from operations of $488.1 million, or $5.95 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $5.60 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 $118.1 million, or $1.44 per share.
The data center operator, based in Redwood City, California, posted revenue of $1.36 billion in the period, also exceeding Street forecasts. Ten analysts surveyed by Zacks expected $1.35 billion.
Equinix expects full-year funds from operations in the range of $22.37 to $22.73 per share, with revenue in the range of $5.55 billion to $5.6 billion.
The company's shares have climbed 28% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $450.01, an increase of slightly more than 6% in the last 12 months.
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