Iron Mountain sees annual revenue below estimates amid strained client spending
Feb 22 (Reuters) - Data storage company Iron Mountain forecast annual revenue below Wall Street estimates on Thursday, a sign that businesses reined in spending on third-party services and technology amid an uncertain economy.
The Boston, Massachusetts-based company offers cloud data management services and lease data centres. It counts cloud services providers Oracle and Akamai Technologies among its clients.
Peer Digital Realty also forecast soft full-year revenue, citing weak spending by customers on data centers.
Iron Mountain expects full-year 2024 revenue to be between $6.00 billion and $6.15 billion, the midpoint of which is below analysts' average estimate of $6.09 billion, according to LSEG data.
The company posted revenue of $1.42 billion for the fourth quarter, compared with the estimates of $1.45 billion.
On an adjusted basis, it earned 52 cents per share, versus analysts' expectations of 45 cents.
Adjusted funds from operations, which indicates cash flow, rose to $1.11 per share for the quarter ended Dec. 31, from $1.02 per share a year earlier
(Reporting by Priyanka.G in Bengaluru; Editing by Shilpi Majumdar)
