REDWOOD CITY, Calif. (AP) _ Equinix Inc. (EQIX) on Wednesday reported a key measure of profitability in its fourth quarter. The results beat Wall Street expectations.
The Redwood City, California-based real estate investment trust said it had funds from operations of $293.8 million, or $4.08 per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of $4 per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $61.8 million, or 86 cents per share.
The data center operator, based in Redwood City, California, posted revenue of $942.6 million in the period, which fell short of Street forecasts. Eight analysts surveyed by Zacks expected $943.8 million.
For the year, the company reported funds from operations of $1.08 billion. Revenue was reported as $3.61 billion.
For the current quarter ending in April, Equinix said it expects revenue in the range of $940 million to $946 million. Analysts surveyed by Zacks had expected revenue of $963.3 million.
The company's shares have increased 6.5 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $380.76, a rise of 31 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on EQIX at https://www.zacks.com/ap/EQIX
Keywords: Equinix, Earnings Report