2023-05-03 17:07:35 ET
Equinix ( NASDAQ: EQIX ) stock gained 11% in Wednesday after-hours trading after the data center REIT posted Q1 earnings that exceeded the Wall Street consensus and increased its 2023 guidance.
For the year, Equinix ( EQIX ) guided for adjusted FFO per share of $31.15-$32.00 , up from its previous range of $30.79-$31.64. Revenue is expected to be $8.175B-$8.275B, up from its previous range of $8.145B-$8.245B.
The company expects adjusted EBITDA of $3.635B-$3.715B, as compared with its prior range of $3.615B-$3.695B.
The new guidance assumes $33M of integration costs compared with $33M in the guidance it issued in February.
"We had a strong start to the year, delivering nearly $2B of revenue for the quarter, as our outlook remains positive with the overall demand for digital transformation fueling our conviction around the long-term secular drivers of our business," said President and CEO Charles Meyers.
Q1 FFO per share of $5.87, topping the $5.33 consensus, rose from $4.39 in Q4 2022 and from $4.75 in Q1 2022.
Q1 revenue of $2.00B, exceeding the $1.97B consensus estimate, increased from $1.87B in the prior quarter and from $1.73B in the year-ago period.
Total operating expenses of $608.0M declined from $618.0M in the prior quarter and increased from $551.3M a year ago.
Q1 adjusted EBITDA rose to $944.2M from $838.7M in Q4 2022 and from $799.7M in Q1 2022. Adjusted EBITDA margin of 47% improved from 45% in the prior quarter and 46% in the year-ago quarter.
Conference call at 5:30 PM ET.
Earlier, Equinix FFO of $5.87 beats by $0.54, revenue of $2B beats by $30M
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Equinix stock jumps after Q1 earnings beat, guidance boost