REDWOOD CITY, Calif. (AP) _ Equinix Inc. (EQIX) on Wednesday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The Redwood City, California-based real estate investment trust said it had funds from operations of $534.7 million, or $6.21 per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $5.98 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 $118.8 million, or $1.38 per share.
The data center operator, based in Redwood City, California, posted revenue of $1.44 billion in the period, which missed Street forecasts. Six analysts surveyed by Zacks expected $1.45 billion.
The company's shares have risen 17% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $684.19, a climb of 43% in the last 12 months.