Equinix posts 20% Q/Q increase in net income in Q1 2022
Digital infrastructure company Equinix, Inc. (NASDAQ:EQIX) has reported its financial results for the quarter ended March 31, 2022.
For the first three months of 2022, Equinix reported revenues of $1.7 billion, a 2% increase over the previous quarter. The result includes a negative $2 million foreign currency impact when compared to prior guidance rates.
Operating Income for the first quarter of 2022 amounted to $267 million, a 7% increase over the previous quarter.
Net Income attributable to Equinix reached $147 million, a 20% increase over the previous quarter, primarily due to strong operating performance. Net income per share was $1.62 per share, a 19% increase over the previous quarter.
The Equinix digital services portfolio had a strong quarter with the most net customer adds for Equinix Metal since its launch. Similarly, Equinix Fabric added the most quarterly virtual connections ever.
At the same time, customers continued to consume Equinix’s data center and colocation services with the addition of an incremental 8,900 total interconnections in the quarter, bringing the total interconnections on Equinix’s platform to 428,200.
For the second quarter of 2022, Equinix expects revenues to range between $1.809 and $1.829 billion, a 4 – 5% increase over the prior quarter, or 3 – 4% on a normalized and constant currency basis. This guidance includes a positive $8 million foreign currency benefit when compared to the average FX rates in Q1 2022.
For the full year of 2022, total revenues are expected to range between $7.291 and $7.341 billion, a 10 – 11% increase over the previous year, or a normalized and constant currency increase of approximately 10%. This updated increase in full-year guidance of $89 million includes $42 million of better-than-expected business performance, $50 million from the MainOne acquisition and a negative $3 million foreign currency impact when compared to the prior guidance rates.