Equinix (NASDAQ: EQIX) reported Q1 EPS of $1.38, $0.43 worse than the analyst estimate of $1.81. Revenue for the quarter came in at $1.45 billion versus the consensus estimate of $1.45 billion.

• Quarterly revenues increased 6% over the same quarter last year to $1.445 billion, or 7% on a normalized and constant currency basis, representing the 69th consecutive quarter of revenue growth
• Key customer expansions included Hurricane Electric, TikTok and Zoom
• Customer deployments across multiple metros comprised 87% of total recurring revenues, demonstrating the value of the Equinix global platform
• Interconnection revenues in the quarter increased 14% over the same quarter last year, or 15% on a normalized and constant currency basis, a sustainable and steady increase over the past few quarters
• 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

"These are unprecedented times and our hearts go out to those who have been impacted by COVID-19. We extend our gratitude to all the front-line workers who are helping to keep us safe and healthy during this global pandemic. 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."

GUIDANCE:

Equinix sees FY2020 revenue of $5.877-5.985 billion, versus the consensus of $6.02 billion.

For earnings history and earnings-related data on Equinix (EQIX) click here.