Equinix reported Q1 revenue of $1.445 billion, a 2% increase over the previous quarter and a 6% increase over the same quarter last year. Adjusted EBITDA was $684 million, a 47% adjusted EBITDA margin, including higher seasonal costs. Net income amounted to $119 million, a 5% decrease from the previous quarter.
"The Equinix business continues to perform well and show resiliency through these times of uncertainty, enabling us to remain focused on the clear set of priorities we laid out at the beginning of the year—investing in our people, evolving our platform and service portfolio to meet the changing needs of customers, expanding our go-to-market engine to fuel long-term growth, and simplifying our business to drive operating leverage and enhance our customer experience," states Charles Meyers, President and CEO, Equinix.
Some highlights for the quarter
- Key customer expansions included Hurricane Electric, TikTok and Zoom
- Global connectivity remains a growth area as customer deployments across multiple metros comprised 87% of total recurring revenues, and Interconnection revenues increased 14% over the same quarter last year; peak Equinix Internet Exchange™ traffic increased 44% over the same quarter last year, or over 20% compared to the prior quarter, reflecting the impact of the sudden global shift to remote and work-from-home practices
- Equinix continues the growth of its indirect selling initiatives, as Q1 channel activity accounted for approximately 30% of bookings
- Interconnection revenues in Q1 grew 14% year-over-year, or 15% on a normalized and constant currency basis, steadily rising over the last few quarters, reflecting the demand across our portfolio of interconnection products.
- Equinix's global interconnection platform now comprises over 370,000 physical and virtual interconnections. In Q1, Equinix added an incremental 6,800 interconnections.
https://www.equinix.com/newsroom/press-releases/pr/123943/Equinix-Reports-First-Quarter--Results/
