Exhibit 99.1

REDWOOD CITY, Calif., May 3, 2023 /PRNewswire/ --

• Quarterly revenues increased 15% over the same quarter last year to $2.0 billion, or 16% on a normalized and constant currency basis
• Closed approximately 4,000 deals across more than 3,000 customers
• Customer deployments across multiple regions increased to 76% of total recurring revenue, an increase of 1% quarter over quarter, demonstrating the value of the Equinix global platform

Equinix, Inc. (Nasdaq: EQIX), the world's digital infrastructure company™, today reported results for the quarter ended March 31, 2023. Equinix uses certain non-GAAP financial measures, which are described further below and reconciled to the most comparable GAAP financial measures after the presentation of our GAAP financial statements. All per share results are presented on a fully diluted basis.

First-Quarter 2023 Results Summary

• Revenues
• Approximately $2.0 billion, a record quarter-over-quarter step up of $127 million or a 7% increase over the previous quarter
• Includes approximately $90 million from power price increases and a $2 million foreign currency benefit when compared to prior guidance rates
• Operating Income
• $384 million, a 36% increase over the previous quarter, due to strong operating performance and flat quarter-over-quarter SG&A spend and an operating margin of 19%
• Net Income and Net Income per Share attributable to Equinix
• $259 million, a 101% increase over the previous quarter, primarily due to higher income from operations and lower net interest expense
• $2.77 per share, a 99% increase over the previous quarter
• Adjusted EBITDA
• $944 million, a 13% increase over the previous quarter, and an adjusted EBITDA margin of 47%
• Includes a $2 million foreign currency benefit when compared to prior guidance rates
• Includes $5 million of integration costs
• AFFO and AFFO per Share
• $802 million, a 22% increase over the previous quarter, primarily due to strong operating performance and seasonally lower recurring capital expenditures
• $8.59 per share, a 21% increase over the previous quarter
• Includes $5 million of integration costs

2023 Annual Guidance Summary

• Revenues
• $8.175 - $8.275 billion, an increase of 13 - 14% over the previous year, or a normalized and constant currency increase of 14 - 15%
• An increase of $30 million compared to prior guidance at the mid-point
• Adjusted EBITDA
• $3.635 - $3.715 billion, a 45% adjusted EBITDA margin
• An increase of $20 million compared to prior guidance at the mid-point
• Assumes $33 million of integration costs
• AFFO and AFFO per Share
• $2.927 - $3.007 billion, an increase of 8 - 11% over the previous year, or a normalized and constant currency increase of 10 - 13%
• An increase of $44 million compared to prior guidance at the mid-point
• $31.15 - $32.00 per share, an increase of 5 - 8% over the previous year, or a normalized and constant currency increase of 8 - 11%
• Assumes $33 million of integration costs

Equinix does not provide forward-looking guidance for certain financial data, such as depreciation, amortization, accretion, stock-based compensation, net income (loss) from operations, cash generated from operating activities and cash used in investing activities, and as a result, is not able to provide a reconciliation of GAAP to non-GAAP financial measures for forward-looking data without unreasonable effort. The impact of such adjustments could be significant.

Equinix Quote

Charles Meyers, President and CEO, Equinix:

"We had a strong start to the year, delivering nearly $2 billion of revenue for the quarter, as our outlook remains positive with the overall demand for digital transformation fueling our conviction around the long-term secular drivers of our business. We look forward to our upcoming analyst day next month, where we plan to continue the discussion of the significant opportunity ahead and our strongly differentiated position in capturing this opportunity as we enable our customers to access all the right places, partners and possibilities."

Business Highlights

• Equinix further invested in the expansion of its global platform which encompasses 248 data centers across 71 metros in 32 countries, including 50 major builds underway in 37 markets. Specific initiatives included:
• In February, Equinix announced plans to build its second International Business Exchange™ (IBX^®) data center in Barcelona. The new site will serve as a strategic connection point for data communications between Africa, Europe and the Middle East, as Barcelona grows as a vital hub for regional subsea cables.
• In April, Equinix invested $50 million toward a new state-of-the-art IBX data center expected to open in Montreal in the second half of 2023. 
• Equinix continues to expand its Data Center Services portfolio with four openings in Frankfurt, Paris, Singapore and Sydney, and four newly approved projects in Frankfurt, Lagos, Melbourne and Rio de Janeiro. The company has 10 xScale^® projects underway that are expected to deliver more than 90 megawatts of capacity once opened.
• Equinix continues to make progress in advancing its sustainability commitments:
• As noted in the company's recently published Annual Sustainability Report, Equinix achieved 96% renewable energy coverage of its operational load for 2022, marking the fifth consecutive year with over 90% renewable energy coverage. This reflects a 10% year-over-year increase in procurement of renewable energy on a GWh basis. Equinix also advanced its science-based targets including a 23% reduction in operational emissions across Scope 1 and Scope 2 from its 2019 baseline.
• Year to date, Equinix has significantly increased its commitment to renewable power projects by signing a number of new long-term Power Purchase Agreements (PPAs) in Spain totaling 345 megawatts (MW). Once operational, the projects are expected to generate sufficient power to match the consumption and more at Equinix's IBX data centers in Barcelona and Madrid. The new projects, along with existing projects, will bring Equinix's contracted PPA capacity to 715 MW globally.
• As global data volumes continue to accelerate, Equinix surpassed a new milestone of 30 terabits per second (TB/s) of peak traffic across its global Internet Exchanges—a 50% increase in approximately 18 months. 
• Equinix continues to extend its leadership as the home of the interconnected cloud with five cloud on-ramp wins in Q1 bringing Equinix's portfolio to 210 on-ramps across 46 markets. More than half of the metros in which Equinix operates now offer two or more on-ramps to the largest cloud players.
• In January, Equinix appointed Thomas Olinger to its Board of Directors. Olinger, who previously served as the Chief Financial Officer at Prologis for the past 15 years, is a member of the Equinix Board's Audit, Finance and Real Estate Committees. Equinix thanks Bud Lyons for his exceptional service and contributions to the growth and success of the company over the past 15 years as he retires from the Board.

Business Outlook

For the second quarter of 2023, the Company expects revenues to range between $1.995 and $2.025 billion, an increase of approximately 0 - 1% over the previous quarter, or a normalized and constant currency increase of 0 - 2%. This guidance includes a negative $10 million foreign currency impact when compared to the average FX rates in Q1 2023 and lower non-recurring revenues. Adjusted EBITDA is expected to range between $881 and $911 million. Adjusted EBITDA reflects the impact of increased seasonal energy costs and the expected expiration of prior power cost commitments, and a negative $5 million foreign currency impact when compared to the average FX rates in Q1 2023. For the quarter, integration costs from acquisitions are expected to be $5 million. Recurring capital expenditures are expected to range between $35 and $45 million.

For the full year of 2023, total revenues are expected to range between $8.175 and $8.275 billion, a 13 - 14% increase over the previous year, or a normalized and constant currency increase of 14 - 15%. This $30 million increase from previously issued guidance is due to a foreign currency benefit when compared to the prior guidance rates. Adjusted EBITDA is expected to range between $3.635 and $3.715 billion, an adjusted EBITDA margin of 45%. This $20 million increase from previously issued guidance is primarily due to a $13 million foreign currency benefit when compared to prior guidance rates, $5 million of better-than-expected operating performance and a $2 million reduction of integration costs. AFFO is expected to range between $2.927 and $3.007 billion, an increase of 8 - 11% over the previous year, or a normalized and constant currency increase of 10 - 13%. This $44 million increase from previously issued guidance is due to $32 million of better-than-expected business performance, a $2 million reduction of integration costs and a $10 million foreign currency benefit when compared to prior guidance rates. AFFO per share is expected to range between $31.15 and $32.00, an increase of 5 - 8% over the previous year, or a normalized and constant currency increase of 8 - 11%. Total capital expenditures are expected to range between $2.708 and $2.958 billion. Non-recurring capital expenditures, including xScale-related capital expenditures, are expected to range between $2.510 and $2.740 billion, and recurring capital expenditures are expected to range between $198 and $218 million. xScale-related on-balance sheet capital expenditures are expected to range between $131 and $181 million, which we anticipate will be reimbursed to Equinix from both the current and future xScale JVs.

The U.S. dollar exchange rates used for 2023 guidance, taking into consideration the impact of our current foreign currency hedges, have been updated to $1.09 to the Euro, $1.19 to the Pound, S$1.33 to the U.S. Dollar, ¥133 to the U.S. Dollar, A$1.50 to the U.S. Dollar, HK$7.85 to the U.S. Dollar, R$5.08 to the U.S. Dollar and C$1.35 to the U.S. Dollar. The Q1 2023 global revenue breakdown by currency for the Euro, British Pound, Singapore Dollar, Japanese Yen, Australian Dollar, Hong Kong Dollar, Brazilian Real and Canadian Dollar is 20%, 9%, 8%, 5%, 4%, 3%, 3% and 2%, respectively.

The adjusted EBITDA guidance is based on the revenue guidance less our expectations of cash cost of revenues and cash operating expenses. The AFFO guidance is based on the adjusted EBITDA guidance less our expectations of net interest expense, an installation revenue adjustment, a straight-line rent expense adjustment, a contract cost adjustment, amortization of deferred financing costs and debt discounts and premiums, income tax expense, an income tax expense adjustment, recurring capital expenditures, other income (expense), (gains) losses on disposition of real estate property, and adjustments for unconsolidated joint ventures' and non-controlling interests' share of these items.

Q1 2023 Results Conference Call and Replay Information

Equinix will discuss its quarterly results for the period ended March 31, 2023, along with its future outlook, in its quarterly conference call on Wednesday, May 3, 2023, at 5:30 p.m. ET (2:30 p.m. PT). A simultaneous live webcast of the call will be available on the company's Investor Relations website at www.equinix.com/investors. To hear the conference call live, please dial 1-517-308-9482 (domestic and international) and reference the passcode EQIX.

A replay of the call will be available one hour after the call through Wednesday, August 2, 2023, by dialing 1-888-293-8912 and referencing the passcode 2023. In addition, the webcast will be available at www.equinix.com/investors (no password required).

Investor Presentation and Supplemental Financial Information

Equinix has made available on its website a presentation designed to accompany the discussion of Equinix's results and future outlook, along with certain supplemental financial information and other data. Interested parties may access this information through the Equinix Investor Relations website at www.equinix.com/investors.

Additional Resources

• Equinix Investor Relations Resources

About Equinix

Equinix (Nasdaq: EQIX) is the world's digital infrastructure company, enabling digital leaders to harness a trusted platform to bring together and interconnect the foundational infrastructure that powers their success. Equinix enables today's businesses to access all the right places, partners and possibilities they need to accelerate advantage. With Equinix, they can scale with agility, speed the launch of digital services, deliver world-class experiences and multiply their value.

Non-GAAP Financial Measures

Equinix provides all information required in accordance with generally accepted accounting principles ("GAAP"), but it believes that evaluating its ongoing operating results may be difficult if limited to reviewing only GAAP financial measures. Accordingly, Equinix uses non-GAAP financial measures to evaluate its operations.

Equinix provides normalized and constant currency growth rates, which are calculated to adjust for acquisitions, dispositions, integration costs, changes in accounting principles and foreign currency.

Equinix presents adjusted EBITDA, which is a non-GAAP financial measure. Adjusted EBITDA represents net income excluding income tax expense, interest income, interest expense, other income or expense, gain or loss on debt extinguishment, depreciation, amortization, accretion, stock-based compensation expense, restructuring charges, impairment charges, transaction costs and gain or loss on asset sales.

In presenting non-GAAP financial measures, such as adjusted EBITDA, cash cost of revenues, cash gross margins, cash operating expenses (also known as cash selling, general and administrative expenses or cash SG&A), adjusted EBITDA margins, free cash flow and adjusted free cash flow, Equinix excludes certain items that it believes are not good indicators of Equinix's current or future operating performance. These items are depreciation, amortization, accretion of asset retirement obligations and accrued restructuring charges, stock-based compensation, restructuring charges, impairment charges, transaction costs and gain or loss on asset sales. Equinix excludes these items in order for its lenders, investors and the industry analysts who review and report on Equinix to better evaluate Equinix's operating performance and cash spending levels relative to its industry sector and competitors.

Equinix excludes depreciation expense as these charges primarily relate to the initial construction costs of a data center, and do not reflect its current or future cash spending levels to support its business. Its data centers are long-lived assets, and have an economic life greater than 10 years. The construction costs of a data center do not recur with respect to such data center, although Equinix may incur initial construction costs in future periods with respect to additional data centers, and future capital expenditures remain minor relative to the initial investment. This is a trend it expects to continue. In addition, depreciation is also based on the estimated useful lives of the data centers. These estimates could vary from actual performance of the asset, are based on historic costs incurred to build out our data centers and are not indicative of current or expected future capital expenditures. Therefore, Equinix excludes depreciation from its operating results when evaluating its operations.

In addition, in presenting the non-GAAP financial measures, Equinix also excludes amortization expense related to acquired intangible assets. Amortization expense is significantly affected by the timing and magnitude of acquisitions, and these charges may vary in amount from period to period. We exclude amortization expense to facilitate a more meaningful evaluation of our current operating performance and comparisons to our prior periods. Equinix excludes accretion expense, both as it relates to its asset retirement obligations as well as its accrued restructuring charges, as these expenses represent costs which Equinix also believes are not meaningful in evaluating Equinix's current operations. Equinix excludes stock-based compensation expense, as it can vary significantly from period to period based on share price and the timing, size and nature of equity awards. As such, Equinix and many investors and analysts exclude stock-based compensation expense to compare its operating results with those of other companies. Equinix excludes restructuring charges from its non-GAAP financial measures. The restructuring charges relate to Equinix's decision to exit leases for excess space adjacent to several of its IBX^® data centers, which it did not intend to build out, or its decision to reverse such restructuring charges. Equinix also excludes impairment charges generally related to certain long-lived assets. The impairment charges are related to expense recognized whenever events or changes in circumstances indicate that the carrying amount of assets are not recoverable. Equinix also excludes gain or loss on asset sales as it represents profit or loss that is not meaningful in evaluating the current or future operating performance. Finally, Equinix excludes transaction costs from its non-GAAP financial measures to allow more comparable comparisons of the financial results to the historical operations. The transaction costs relate to costs Equinix incurs in connection with business combinations and formation of joint ventures, including advisory, legal, accounting, valuation and other professional or consulting fees. Such charges generally are not relevant to assessing the long-term performance of Equinix. In addition, the frequency and amount of such charges vary significantly based on the size and timing of the transactions. Management believes items such as restructuring charges, impairment charges, transaction costs and gain or loss on asset sales are non-core transactions; however, these types of costs may occur in future periods.

Equinix also presents funds from operations ("FFO") and adjusted funds from operations ("AFFO"), both commonly used in the REIT industry, as supplemental performance measures. Additionally, Equinix presents AFFO per share, which is also commonly used in the REIT industry. AFFO per share offers investors and industry analysts a perspective of Equinix's underlying operating performance when compared to other REIT companies. FFO is calculated in accordance with the definition established by the National Association of Real Estate Investment Trusts ("NAREIT"). FFO represents net income or loss, excluding gain or loss from the disposition of real estate assets, depreciation and amortization on real estate assets and adjustments for unconsolidated joint ventures' and non-controlling interests' share of these items. AFFO represents FFO, excluding depreciation and amortization expense on non-real estate assets, accretion, stock-based compensation, stock-based charitable contributions, restructuring charges, impairment charges, transaction costs, an installation revenue adjustment, a straight-line rent expense adjustment, a contract cost adjustment, amortization of deferred financing costs and debt discounts and premiums, gain or loss on debt extinguishment, an income tax expense adjustment, recurring capital expenditures, net income or loss from discontinued operations, net of tax and adjustments from FFO to AFFO for unconsolidated joint ventures' and non-controlling interests' share of these items. Equinix excludes depreciation expense, amortization expense, accretion, stock-based compensation, restructuring charges, impairment charges and transaction costs for the same reasons that they are excluded from the other non-GAAP financial measures mentioned above.

Equinix includes an adjustment for revenues from installation fees, since installation fees are deferred and recognized ratably over the period of contract term, although the fees are generally paid in a lump sum upon installation. Equinix includes an adjustment for straight-line rent expense on its operating leases, since the total minimum lease payments are recognized ratably over the lease term, although the lease payments generally increase over the lease term. Equinix also includes an adjustment to contract costs incurred to obtain contracts, since contract costs are capitalized and amortized over the estimated period of benefit on a straight-line basis, although costs of obtaining contracts are generally incurred and paid during the period of obtaining the contracts. The adjustments for installation revenues, straight-line rent expense and contract costs are intended to isolate the cash activity included within the straight-lined or amortized results in the consolidated statement of operations. Equinix excludes the amortization of deferred financing costs and debt discounts and premiums as these expenses relate to the initial costs incurred in connection with its debt financings that have no current or future cash obligations. Equinix excludes gain or loss on debt extinguishment since it represents a cost that is not a good indicator of Equinix's current or future operating performance. Equinix includes an income tax expense adjustment, which represents the non-cash tax impact due to changes in valuation allowances and uncertain tax positions that do not relate to the current period's operations. Equinix excludes recurring capital expenditures, which represent expenditures to extend the useful life of its IBX and xScale data centers or other assets that are required to support current revenues. Equinix also excludes net income or loss from discontinued operations, net of tax, which represents results that are not a good indicator of our current or future operating performance.

Equinix presents constant currency results of operations, which is a non-GAAP financial measure and is not meant to be considered in isolation or as an alternative to GAAP results of operations. However, Equinix has presented this non-GAAP financial measure to provide investors with an additional tool to evaluate its operating results without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of Equinix's business performance. To present this information, Equinix's current and comparative prior period revenues and certain operating expenses from entities with functional currencies other than the U.S. dollar are converted into U.S. dollars at a consistent exchange rate for purposes of each result being compared.

Non-GAAP financial measures are not a substitute for financial information prepared in accordance with GAAP. Non-GAAP financial measures should not be considered in isolation, but should be considered together with the most directly comparable GAAP financial measures and the reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures. Equinix presents such non-GAAP financial measures to provide investors with an additional tool to evaluate its operating results in a manner that focuses on what management believes to be its core, ongoing business operations. Management believes that the inclusion of these non-GAAP financial measures provides consistency and comparability with past reports and provides a better understanding of the overall performance of the business and its ability to perform in subsequent periods. Equinix believes that if it did not provide such non-GAAP financial information, investors would not have all the necessary data to analyze Equinix effectively.

Investors should note that the non-GAAP financial measures used by Equinix may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as those of other companies. Investors should, therefore, exercise caution when comparing non-GAAP financial measures used by us to similarly titled non-GAAP financial measures of other companies. Equinix does not provide forward-looking guidance for certain financial data, such as depreciation, amortization, accretion, stock-based compensation, net income or loss from operations, cash generated from operating activities and cash used in investing activities, and as a result, is not able to provide a reconciliation of GAAP to non-GAAP financial measures for forward-looking data without unreasonable effort. The impact of such adjustments could be significant. Equinix intends to calculate the various non-GAAP financial measures in future periods consistent with how they were calculated for the periods presented within this press release.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from expectations discussed in such forward-looking statements. Factors that might cause such differences include, but are not limited to, risks to our business and operating results related to the current inflationary environment; foreign currency exchange rate fluctuations; increased costs to procure power and the general volatility in the global energy market; the challenges of acquiring, operating and constructing IBX and xScale data centers and developing, deploying and delivering Equinix products and solutions; unanticipated costs or difficulties relating to the integration of companies we have acquired or will acquire into Equinix; a failure to receive significant revenues from customers in recently built out or acquired data centers; failure to complete any financing arrangements contemplated from time to time; competition from existing and new competitors; the ability to generate sufficient cash flow or otherwise obtain funds to repay new or outstanding indebtedness; the loss or decline in business from our key customers; risks related to our taxation as a REIT and other risks described from time to time in Equinix filings with the Securities and Exchange Commission. In particular, see recent and upcoming Equinix quarterly and annual reports filed with the Securities and Exchange Commission, copies of which are available upon request from Equinix. Equinix does not assume any obligation to update the forward-looking information contained in this press release.

CONTACT: Investor Relations, invest@equinix.com; Media, press@equinix.com