Equinix registers 12% Y/Y increase in revenues in Q3 2023
Digital infrastructure company Equinix, Inc. (NASDAQ:EQIX) has reported results for the quarter ended September 30, 2023.
Revenues for the third quarter of 2023 amounted to $2.06 billion, a 12% increase over the same quarter last year. The result includes a $1 million negative foreign currency impact when compared to prior guidance rates.
Operating income for the three months to end-September 2023 was $380 million, a 14% increase over the same quarter last year, due to strong operating performance and an operating margin of 18%.
Net income amounted to $276 million, a 30% increase over the year-ago quarter, primarily due to higher income from operations and a favorable tax settlement.
Equinix expects annual revenues at $8.166 – $8.206 billion, an increase of 12 – 13% over the previous year, or a normalized and constant currency increase of 14 – 15%.
Charles Meyers, President and CEO, Equinix, commented:
“We delivered another solid quarter of results and continue to drive strong value creation on a per share basis, raising both our dividend and AFFO/share outlook for the full year. A recent Gartner poll found 55% of organizations are in pilot or production mode with generative AI. We’re seeing this manifest in accelerated interest from both enterprise customers and emerging service providers looking to service this demand.
We expect Equinix’s broad portfolio of offerings, in tandem with our key technology partners, will allow us to capture high-value opportunities across the AI value chain, positioning Platform Equinix to be the place where private AI happens and allowing customers to place compute resources in proximity to data and seamlessly leverage public cloud capabilities while maintaining control of high-value proprietary data.”
Given strong demand signals and the long duration in delivering new capacity, Equinix continues to expand its global footprint. The company currently has 56 major projects underway across 39 markets in 23 countries.