Digital Realty Trust Q3 Results Beat Street, Cuts FY23 Outlook

(RTTNews) - Digital Realty Trust, Inc. (DLR) on Thursday released its third-quarter earnings report, which exceeded the expectations of Wall Street analysts in terms of both earnings and revenue. However, the company also lowered its outlook for annual revenue and core FFO earnings.

The company reported net income of $723.4 million or $2.33 per share for the quarter, an increase from last year's profit of $226.9 million or $0.75 per share.

Analysts on average had expected the company to earn $0.26 per share, according to figures compiled by Thomson Reuters.

Funds from operations were $481.5 million or $1.55 per share, compared to the income of $462.3 million or $1.55 per share the prior year.

Core funds from operations were $500.4 million or $1.62 per share, compared to $487.9 million or $1.67 per share the prior year.

Revenue increased to $1.40 billion from $1.19 billion the previous year. It came in line with the consensus estimate of $1.4 billion.

The company lowered its annual financial estimates and now expects a Core FFO of $6.58 - $6.62 per share and revenues of $5.475 billion - $5.525 billion. Previous estimates were a Core FFO of $6.55 - $6.65 per share and revenues of $5.500 billion - $5.600 billion.