Equinix has revealed its financial result and key achievements during the second-quarter of 2024.
Equinix said revenues increased 7 percent to $2.2 billion in Q2 2024 over the same quarter last year. Net income increased 45 percent to $301 million.
Equinix has generated sales revenue of $966 million (up 9 percent) from Americas, $721 million (up 5 percent) from EMEA, and $472 million (up 7 percent) from the Asia Pacific during April-June.
Equinix is targeting annual revenue of $8.692 billion – $8.772 billion in 2024, an increase of 6 – 7 percent over the previous year.
Total capital expenditures are expected to range between $2.850 and $3.100 billion.
Equinix expects revenues of $2.19 billion – $2.21 billion in Q3 2024 with an increase of approximately 1 – 2 percent over the previous quarter. Recurring capital expenditures are expected to range between $62 and $82 million.
Equinix has 54 major projects underway in 36 markets, across 24 countries, including 15 xScale projects, representing more than 11,000 cabinets of retail capacity and more than 30 megawatts of xScale capacity to be delivered through the end of 2024.
Since the Q1 2024 earnings call, Equinix opened 10 projects in eight metros including Hamburg, Johor, Munich, New York, Osaka, Silicon Valley, Sydney and Warsaw.
Recently, Equinix announced the acquisition of three data centers in the Philippines from Total Information Management (TIM), a technology solutions provider, for $180 million. The transaction, which is expected to close in the fourth quarter of 2024, will add more than 1,000 cabinets of capacity and land for future development.
Equinix’s global xScale portfolio is experiencing a substantial increase in demand and leasing activity due to the growing need for hyperscale infrastructure to support AI and cloud initiatives. Since its last earnings call, the company leased an incremental 17 megawatts of capacity into its Silicon Valley 12 and Paris 13 assets, bringing total xScale leasing to 365 megawatts globally.
Additionally, Equinix recently acquired a greater than 200-acre land parcel with access to power as it develops its first multi-hundred-megawatt xScale campus in the Atlanta metro area, which will better position it to pursue larger AI and hyperscale workloads in the U.S.
Equinix Channel program delivered another solid quarter, accounting for over 30 percent of new bookings and 55 percent of new logos. Growth in the quarter came from collaborations with AT&T, Avant, Dell, HPE, Orange Business and others.
