Digital infrastructure company Equinix, Inc. (NASDAQ:EQIX) has reported results for the quarter ended March 31, 2024.

In the first quarter of 2024, Equinix’s revenues amounted to $2.13 billion, a 1% increase over the previous quarter, including a 13% reduction in non-recurring revenues due to xScale fees.

Operating Income totalled $364 million, a 5% increase over the previous quarter, due to strong operating performance.

Net Income amounted to $231 million, a 2% increase over the previous quarter, primarily due to higher income from operations.

Adjusted EBITDA were $992 million, an 8% increase over the previous quarter.

The company currently has 50 major projects underway in 34 markets, across 21 countries. This includes 14 xScale builds, representing more than 16,000 cabinets of retail capacity and more than 50 megawatts of xScale capacity through the end of 2024. More than 90% of current retail expansion capital expenditures are related to owned land or owned buildings with long-term ground leases.

In Q1, Equinix added new projects in Frankfurt, Madrid, Osaka and Silicon Valley. Since the Q4 2023 earnings call, Equinix opened three retail projects in Mexico City, Mumbai and Paris. Additionally, Equinix purchased the company’s Dublin 2, Mumbai 2 and Stockholm 3 International Business Exchange™ (IBX®) facilities resulting in recurring revenues from owned assets increasing to 67% for Q1.

In March, Equinix announced a planned leadership transition effective late Q2 2024, whereby current President and CEO Charles Meyers will transition to the role of Executive Chairman, and Adaire Fox-Martin will begin serving as Equinix President and CEO. Peter Van Camp, currently Executive Chairman, will step away from his formal responsibilities as a Board member to take the role of Special Advisor to the Board.

In February, the company appointed Merrie Williamson as Executive Vice President and Chief Customer and Revenue Officer (CCRO).

For the second quarter of 2024, the company expects revenues to range between $2.148 and $2.168 billion, an increase of approximately 1 – 2% over the previous quarter, or a normalized and constant currency increase of 2 – 3% excluding the quarter-over-quarter impact of the power pass-through. This guidance includes a $7 million negative foreign currency impact when compared to the average FX rates in Q1 2024.