Equinix, Inc. operates as a global digital infrastructure and data center REIT focused on colocation, interconnection and related services for enterprises, cloud providers, networks and hyperscale customers. Company news commonly covers quarterly operating results, recurring revenue trends, bookings, backlog, data center asset performance and common stock dividends.
Equinix updates also include customer and partner deployments across its global data center footprint, product launches tied to AI and private connectivity, and capital markets activity such as senior note offerings by wholly owned finance subsidiaries. Other recurring developments include workforce initiatives and executive leadership changes within its technology-infrastructure business.
Equinix reported Q2 2020 revenues of $1.470 billion, a 6% increase year-over-year and the 70th consecutive quarter of revenue growth. The company experienced significant interconnection growth, with 88% of total recurring revenues from customer deployments across multiple metros. Operating income rose 11% to $282 million, with an operating margin of 19%. Adjusted EBITDA was $720 million, a 49% margin. The company reaffirmed 2020 revenue guidance of $5.919 - $5.989 billion, reflecting a 6-8% increase over 2019.
Equinix (Nasdaq: EQIX) announced the development of a new data center, ML5, in Milan, expected to open in Q1 2021. This facility will enhance the company's presence in Italy, offering advanced interconnection services, including ECX Fabric and Internet Exchange capabilities. Utilizing modular construction for efficiency, the first phase will cost $51 million, providing 500 cabinet equivalents and 15,000 square feet of colocation space. ML5 will operate sustainably, using 100% renewable energy and aiming for LEED Gold certification, ultimately expanding Equinix's connectivity and support for Italian businesses' digital transformation.
On July 7, 2020, Equinix (Nasdaq: EQIX) announced its partnership with Alibaba Cloud to enhance cloud connectivity across 17 global metros, including major cities in the US, Dubai, and Tokyo. This collaboration provides customers secure access to Alibaba Cloud's IaaS services, which hold a 9.1% market share worldwide. The integration of Alibaba Cloud's API with Equinix Cloud Exchange Fabric allows enterprises to create private connections swiftly, promoting digital transformation and hybrid multicloud solutions. IaaS market is projected to hit $62 billion in 2021, growing at a CAGR of 24% through 2024.
Equinix (Nasdaq: EQIX) announced the opening of a new $142 million International Business Exchange™ (IBX) data center in Dallas, alongside a 5G and Edge Proof of Concept Center (POCC). This expansion aims to address rising demand for digital infrastructure and hybrid multicloud architectures, allowing businesses to interconnect within Equinix's ecosystem, which includes nearly 10,000 customers. The new facility will provide up to 3,850 cabinets and 144,000 square feet of colocation space in the growing Dallas market, recognized as a major communications hub.