Digital infrastructure provider Equinix (NASDAQ: EQIX) announced robust third-quarter results, achieving $2.2 billion in revenues for the period ending September 30, a 7% year-over-year increase.
Net income reached $297 million, or $3.10 per share, despite a slight decline from the previous quarter. Adjusted EBITDA rose 1% quarter-over-quarter to $1.048 billion.
Equinix revealed plans to expand its xScale data center portfolio through a $15 billion joint venture with CPP Investments and GIC, aiming to build new facilities across multiple US campuses to support AI and hyperscale workloads.
CEO Adaire Fox-Martin noted, “Our 87th consecutive quarter of revenue growth was also a record-breaking one for gross bookings.” The company is currently undertaking 57 major projects in 35 markets across 22 countries, including 13 xScale projects expected to add over 100 megawatts of capacity by the end of 2025.
Equinix’s xScale portfolio has secured 385 megawatts in global leasing commitments, with nearly 90% of operational and under-construction capacity leased. The company recently acquired a 200-acre land parcel in Atlanta for its first multi-hundred-megawatt xScale campus.
For the full year 2024, Equinix raised its revenue guidance to between $8.75 and $8.79 billion, projecting approximately 7% growth over the prior year. Adjusted EBITDA is expected to be between $4.09 and $4.13 billion.
Equinix also emphasized its sustainability efforts, issuing over $750 million in green bonds this quarter, raising its total issuance to approximately $5.6 billion.
In a recent leadership transition, Charles Meyers moved to Executive Chairman, while Adaire Fox-Martin became President and CEO. Merrie Williamson joined as Chief Customer and Revenue Officer.