Equinix grows revenue to $8.7bn

Equinix, the digital infrastructure giant that acquired Nigeria’s MainOne, reported strong financial results for the fourth quarter and full year of 2024, with annual revenue climbing to $8.748bn.

The figure represents a seven per cent year-over-year increase, accelerating to eight per cent when adjusted for currency fluctuations and excluding power-related costs.

The company also announced a 10 per cent increase in its quarterly cash dividend to $4.69 per share—its 10th consecutive year of dividend growth—underscoring its operational resilience and commitment to long-term shareholder value.

Despite revenue growth, Equinix’s net income declined by eight per cent to $1.328bn, primarily due to $314m in non-recurring charges related to asset impairments, restructuring, and transaction costs.

Equinix CEO and President Adaire Fox-Martin described 2024 as a landmark year for the company, emphasising its ability to capitalise on emerging opportunities in artificial intelligence and digital infrastructure.

“We had an outstanding close to 2024, with full-year revenue up eight per cent year-over-year,” Fox-Martin said. “Our strategic focus on customers, solutions, and capacity has not only driven remarkable financial results but also positioned Equinix to fully leverage the growing AI opportunity.

“With 22 consecutive years of quarterly revenue growth, a record-breaking Q4 and full year in gross bookings, and significant advancements in our xScale portfolio, we have demonstrated our ability to deliver sustained value to both customers and shareholders—all while setting the stage for even greater scale in the years ahead.”

Last week, Equinix announced plans to invest more than $1bn in a new data centre facility in Saudi Arabia, which will offer 100MW of capacity as part of its expansion strategy in the Middle East.