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Equinix: 1Q Earnings Snapshot

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.

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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