REDWOOD CITY, Calif. (AP) _ Equinix Inc. (EQIX) on Wednesday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Redwood City, California, said it had funds from operations of $557.8 million, or $6.35 per share, in the period.
The average estimate of seven 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 $133.3 million, or $1.52 per share.
The data center operator, based in Redwood City, California, posted revenue of $1.47 billion in the period, also beating Street forecasts. Seven analysts surveyed by Zacks expected $1.46 billion.
Equinix expects full-year funds from operations in the range of $23.87 to $24.67 per share, with revenue in the range of $5.92 billion to $5.99 billion.
The company's shares have risen 32% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $770, a climb of 58% in the last 12 months.