Equinix reported Q2 revenue of $2.0 billion, up 11% over the same quarter last year or 14% on a normalized and constant currency basis. Net income was $207 million, a 4% decrease from the same quarter last year, primarily due to lower income from operations and higher income tax expense given a favorable tax settlement in 2022.
“We continue to see momentum in our business as digital transformation accelerates the pace of innovation and changes the way business is done. By 2026, IDC is forecasting that 40% of revenue from G2000 companies will come from digital products, services and experiences, a dynamic that is reshaping the basis of competition in nearly every industry, and making digital an unprecedented force for economic growth,” stated Charles Meyers, President and CEO, Equinix.
Some highlights for Q2
- Equinix added 12 new projects including new International Business Exchange data center builds in Lisbon, Monterrey and Mumbai—in addition to the company's first build in Kuala Lumpur, one of the most strategic markets in Asia.
- Equinix was selected to build incremental data center capacity in Singapore in response to the Singapore Government's Data Center Call for Application process.
- Equinix's Channel program delivered another strong quarter, accounting for 40% of bookings and nearly 60% of new logos. It continues to see growth from partners like Accenture, Avant, Cisco, Dell and HPE.
- Equinix's global interconnection franchise continues to perform with over 456,000 total interconnections.
- In Q2, interconnection revenues stepped up 10% year over year as reported or 11% year over year on a normalized and constant currency basis.
- Equinix Fabric saw total virtual connections surpassing 50,000 in the quarter for the first time, as it continues to add new capabilities to support larger workloads, like data-intensive AI training models and scalable enterprise networks.
- Beginning in the third quarter, Equinix Fabric customers will be able to provision virtual connections to cloud providers with bandwidths of up to 50 gigabits per second, with Google Cloud as the first cloud provider to support this capability.
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