2024-03-15 02:23:59 ET
Summary
- Equinix reported Q4 revenue of $2.11B, in-line with expectations, and full-year revenues increased 13% to $8.2 billion.
- The company issued conservative guidance for FY 24, expecting an 8% increase in revenue and a 200 basis-point increase in adjusted EBITDA margin.
- Equinix is reducing its reliance on Digital Realty, with 66% of recurring revenue now coming from owned assets.
Last month, the world’s leading data center REIT, Equinix Inc. (EQIX), reported fourth quarter and full-year results for FY 2023. In a previous article published in May, I pointed out that Equinix had managed to grow the top-line for 80+ uninterrupted quarters, the longest growth streak amongst S&P 500 companies. Quite naturally, that was the first line item I was interested in and, thankfully, it did not disappoint. Equinix reported Q4 revenue of $2.11B (+12.8% Y/Y), in-line with the Wall Street consensus, while Q4 FFO of $5.54 beat by $0.24. For the full year, annual revenues increased 13% year-over-year to $8.2 billion, which the company attributed to a ‘’…record 90 megawatts of xScale leasing in the fourth quarter, the result of increased hyperscale demand to support artificial intelligence and cloud deployments.’’ Equinix reported a surge in demand for hyperscale infrastructure to support AI and cloud initiatives. The company finished the year with a total xScale leasing capacity of 300 megawatts globally....
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For further details see:
Equinix: Stop Renting And Buy Your Own House