Iron Mountain sees annual revenue below estimates amid strained client spending

Iron Mountain

22/02/2024 14:01

Feb 22 (Reuters) - Data storage company Iron Mountain
 IRM.N  forecast annual revenue below Wall Street estimates on
Thursday, a sign that businesses reined in spending on
third-party services and technology amid an uncertain economy.
    The Boston, Massachusetts-based company offers cloud data
management services and lease data centres. It counts cloud
services providers Oracle  ORCL.N  and Akamai Technologies
 AKAM.O  among its clients.
    Peer Digital Realty  DLR.N  also forecast soft full-year
revenue, citing weak spending by customers on data centers.
    Iron Mountain expects full-year 2024 revenue to be between
$6.00 billion and $6.15 billion, the midpoint of which is below
analysts' average estimate of $6.09 billion, according to LSEG
data.
    The company posted revenue of $1.42 billion for the fourth
quarter, compared with the estimates of $1.45 billion.
    On an adjusted basis, it earned 52 cents per share, versus
analysts' expectations of 45 cents.
    Adjusted funds from operations, which indicates cash flow,
rose to $1.11 per share for the quarter ended Dec. 31, from
$1.02 per share a year earlier
        

 (Reporting by Priyanka.G in Bengaluru; Editing by Shilpi
Majumdar)
 ((Priyanka.G@thomsonreuters.com))