Loading...
•
Sep 30, 2024
Equinix Q3 2024 Earnings Report
Equinix reported record gross bookings and achieved its 87th consecutive quarter of revenue growth.
Key Takeaways
Equinix reported a 7% increase in quarterly revenues year-over-year, reaching $2.2 billion. The company's performance was driven by robust pricing, strong deal conversion rates, and meaningful billable cabinet improvement. A new joint venture is expected to nearly triple the capital invested in xScale data center portfolio.
Revenues increased 7% year-over-year to $2.2 billion.
Operating income was $425 million.
Net income attributable to common stockholders was $297 million, or $3.10 per share.
AFFO was $866 million, or $9.05 per share.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For the fourth quarter of 2024, the company expects revenues to range between $2.262 and $2.302 billion, and adjusted EBITDA is expected to range between $1.010 and $1.050 billion.
Positive Outlook
- Revenue guidance includes a $26 million foreign currency benefit when compared to the average FX rates in Q3 2024.
- Adjusted EBITDA guidance includes a $12 million foreign currency benefit when compared to the average FX rates in Q3 2024.
- Full year revenue is expected to increase by approximately 7% over the previous year.
- The $36 million increase from previously issued revenue guidance is due to $12 million of better-than-expected operating performance and a $24 million positive foreign currency benefit when compared to the prior guidance rates.
- AFFO is expected to range between $3.338 and $3.378 billion, an as-reported increase of 11 - 12% over the previous year.
Challenges Ahead
- Revenue guidance excludes the quarter-over-quarter impact of the power pass-through.
- Adjusted EBITDA guidance includes $8 million of integration costs related to acquisitions and higher seasonal spending.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...