• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Stock

Equinix forecasts quarterly revenue above estimates on steady demand

by October 31, 2024
written by October 31, 2024

(Reuters) – Equinix (NASDAQ:EQIX) forecast fourth-quarter revenue above Wall Street estimates on Wednesday, driven by steady demand for its data center services amid the continuing surge in artificial intelligence boom.

Enterprise clients depend on data center services from companies such as Equinix to expand their digitization initiatives.

Data centers are crucial in supporting AI, as the technology requires massive computing power.

“We see continued robust demand for AI-enabling digital infrastructure from a highly diverse set of customers of varying sizes, industries, and regions,” CEO Adaire Fox-Martin said in a statement.

Equinix expects fourth-quarter revenue to be between $2.26 billion and $2.30 billion, the midpoint of which is slightly above analysts’ average estimate of $2.26 billion, according to data compiled by LSEG.

It expects adjusted core earnings in the range of $1.01 billion to $1.05 billion in the fourth quarter, compared with estimates of $1.04 billion.

The company also raised its annual revenue and adjusted funds from operations forecasts.

In the three months ended Sept. 30, Equinix’s revenue rose 2% to $2.20 billion, in line with analysts’ estimates.

Adjusted funds from operations, which is a key measure of cash flow, came in at $9.05 per share in the third quarter, beating estimates of $8.49 per share.

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Coinbase posts third-quarter profit on trading strength
next post
Cognizant beats quarterly profit estimates on gradual recovery in IT services demand

You may also like

BASF results down on impairments, restructuring

January 27, 2025

European chipmakers slump as traders gauge DeepSeek AI...

January 27, 2025

Nasdaq futures tumble as China’s AI push rattles...

January 27, 2025

China Vanke’s CEO, chairman resign amid growing liquidity...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

Italy’s MPS shares fall ahead of Mediobanca board...

January 27, 2025

British Land stock drops following stake sale

January 27, 2025

UMG shares rally after new multi-year pact with...

January 27, 2025

BASF shares indicated 3% lower as impairments drag...

January 27, 2025

Ryanair cuts 2026 traffic forecast amid ongoing Boeing...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks

      June 26, 2025
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

      June 26, 2025
    • Bumble shares jump 26% as dating company plans to axe 30% of workforce

      June 26, 2025
    • Small-business AI use is lagging, but one firm is channeling Sherlock Holmes and knocking out ‘grunt work’

      June 25, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (534)
    • Stock (6,426)

    Latest News

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

    Popular News

    • Forvia shares jump as Q3 sales beat expectations, FY24 guidance reaffirmed
    • US governors push back on PJM after record-high power plant prices

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy