Equinix registers 12% Y/Y enhance in revenues in Q3 2023

Digital infrastructure firm Equinix, Inc. (NASDAQ:EQIX) has reported outcomes for the quarter ended September 30, 2023.

Revenues for the third quarter of 2023 amounted to $2.06 billion, a 12% enhance over the identical quarter final yr. The outcome features a $1 million adverse international foreign money impression when in comparison with prior steerage charges.

Working revenue for the three months to end-September 2023 was $380 million, a 14% enhance over the identical quarter final yr, attributable to sturdy working efficiency and an working margin of 18%.

Web revenue amounted to $276 million, a 30% enhance over the year-ago quarter, primarily attributable to increased revenue from operations and a positive tax settlement.

Equinix expects annual revenues at $8.166 – $8.206 billion, a rise of 12 – 13% over the earlier yr, or a normalized and fixed foreign money enhance of 14 – 15%.

Charles Meyers, President and CEO, Equinix, commented:

“We delivered one other strong quarter of outcomes and proceed to drive sturdy worth creation on a per share foundation, elevating each our dividend and AFFO/share outlook for the total yr. A current Gartner ballot discovered 55% of organizations are in pilot or manufacturing mode with generative AI. We’re seeing this manifest in accelerated curiosity from each enterprise clients and rising service suppliers trying to service this demand.

We anticipate Equinix’s broad portfolio of choices, in tandem with our key know-how companions, will enable us to seize high-value alternatives throughout the AI worth chain, positioning Platform Equinix to be the place the place non-public AI occurs and permitting clients to put compute assets in proximity to information and seamlessly leverage public cloud capabilities whereas sustaining management of high-value proprietary information.”

Given sturdy demand alerts and the lengthy period in delivering new capability, Equinix continues to broaden its international footprint. The corporate at present has 56 main initiatives underway throughout 39 markets in 23 nations.