Equinix Inc (NASDAQ: EQIX) stock fell over 2.2% on 7^th May, 2020 (as of 12:26 pm GMT-4; Source: Google finance) after the company posted mixed results for the first quarter of FY 20. Interconnection revenues in the first quarter grew 14% over the same quarter last year, or 15% on a normalized and constant currency basis, which represents a sustainable and steady increase over the past few quarters. Peak Equinix Internet Exchange traffic grew by 44% over the same quarter last year, or over 20% compared to the prior quarter, due to the sudden global shift to remote and work-from-home practices. The company has reported 5% fall in the net income to $119 million from the previous quarter. AFFO in the first quarter was of $535 million, a 13% increase over the previous quarter and AFFO per Share was of $6.21 per share, which is a 13% increase over the previous quarter

EQIX in the first quarter of FY 20 has reported the adjusted funds from operations (FFO) per share of $6.21, beating the analysts’ estimates for the adjusted earnings per share of $5.98, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 6 percent to $1.44 billion in the first quarter of FY 20, missing the analysts’ estimates for revenue by 0.44%. The company posted the Operating Income of $253 million for the first quarter, which is a 19% decline from the previous quarter, mainly on the back of the sale of certain assets in Q4 to the EMEA xScale joint venture, and an operating margin of 18%. The company delivered the Adjusted EBITDA of $684 million for the first quarter, which represents a 47% adjusted EBITDA margin, including higher seasonal costs.

For fiscal 2020, the company expects the revenues to be in the range of $5.877 – $5.985 billion, a 6 – 8% increase over the previous year, or a normalized and constant currency increase of 7 – 9%. 2020 adjusted EBITDA is expected to be in the range of $2.765 – $2.845 billion, which reflects a 47% adjusted EBITDA margin. For fiscal 2020, AFFO is expected to be $2.043 – $2.133 billion, which represents an increase of 6 – 10% over the previous year, or a normalized and constant currency increase of 11 – 16% and AFFO per share is expected to be $23.62 – $24.66 per share, an increase of 4 – 8% over the previous year, or a normalized and constant currency increase of 8 – 12%.