Equinix Q2 profit tops view, company ups outlook

Equinix Inc. EQIX, +0.66% on Wednesday reported second-quarter earnings that beat analysts’ estimates.

The Redwood City, Calif., data center company posted quarterly net income of $143.5 million, or $1.69 a share. Analysts polled by FactSet expected $131 million in profit, or $1.59 a share.

Adjusted funds from operation came to $5.87, Equinix said. Analysts were looking for adjusted FFO of $5.56.

Revenue was $1.38 billion, the company said, 2% higher than the year-ago period but just shy of the $1.39 billion analysts were targeting.

The company said it was raising 2019 revenue guidance to a range between $5.565 billion and $5.595 billion, from its previous range of $5.545 billion to $5.595 billion.

For the third quarter, Equinix said it anticipated revenue in a range of $1.4 billion to $1.41 billion.

–Write to Stephen Nakrosis at [email protected]

Qualys stock falls after outlook raised to Street view

Qualys Inc. QLYS, -2.88% shares fell in the extended session Wednesday after the cloud security company’s raised outlook fell in line with what Wall Street was already expecting. Qualys shares fell 4.1% after hours, following a 2.9% decline in the regular session to close at $86.56. Qualys expects earnings of 52 cents to 54 cents a share on revenue of $82.2 million to $82.7 million for the third quarter, and $2.03 to $2.07 a share on revenue of $321 million to $322.5 million for the year. Analysts surveyed by FactSet had forecast earnings of 48 cents a share on revenue of $82.2 million for the third quarter, and $1.93 a share on revenue of $322.1 million for the year. The company reported fiscal second-quarter net income of $16.2 million, or 39 cents a share, compared with $10.3 million, or 24 cents a share, in the year-ago period. Adjusted earnings were 55 cents a share. Revenue rose to $78.9 million from $68.2 million in the year-ago quarter. Analysts had forecast earnings of 47 cents a share on revenue of $78.5 million.

ST Now, News As It Happens – Aug 1, 2019

Welcome to ST Now, News As It Happens. Recap of what happened earlier. Reach us at [email protected] or on Facebook and Twitter @STcom.

We tried a $12,000 'flying surfboard' and it's a lot easier to ride than you may think

• Lift Foils builds the eFoil, a hydrofoiling board with an electric motor attached to the bottom of the foil.
• You can fly over the water without wind, waves, a paddle or a tow.
• We went to Isabela, Puerto Rico to try out the ‘flying surfboard,’ and it turns out, riding the efoil was easier than we expected.
• Visit Business Insider’s homepage for more stories.

Brazil central bank cuts interest rate to record low 6.00%

BRASILIA, July 31 (Reuters) – Brazil’s central bank cut its benchmark interest rate to a record low 6.00% on Wednesday, making an aggressive move with the first reduction in borrowing costs since March 2018.

The bank’s nine-member monetary policy committee, known as Copom, voted unanimously to lower the Selic rate by 50 basis points. Fourteen out of 27 economists in a Reuters poll predicted a 25-basis point cut to 6.25%, while 10 expected a more aggressive move to 6.00%. BR/INT (Reporting by Jamie McGeever; editing by Grant McCool)

Senate Confirms Kelly Knight Craft As UN Ambassador

The Senate confirmed Trump nominee Kelly Knight Craft on Wednesday as the U.S. ambassador to the United Nations.

Senate Minority Leader Mitch McConnell tweeted about Craft’s confirmation, calling the Trump pick an “impressive nominee.”

Craft fills a seven-month vacancy in an important diplomatic role, replacing Nikki Haley, who departed in December. Jonathan Cohen has been serving as acting ambassador in the interim.

Craft has been serving as the U.S. ambassador to Canada since 2017, and formerly served as a member of the U.S. delegation to the UN General Assembly during President George W. Bush’s administration. 

During her confirmation hearing in June, Craft strayed a bit from Trump on concerns regarding the climate crisis, saying she believes fossil fuels and human behavior are contributors but stopping short of calling for returning to the Paris climate agreement.

Last year, she made headlines when she said she respects “both sides of the science” when asked about her opinion on the scientific conclusion that humans are responsible for climate change.

She and her husband, Joe Craft, are some of the biggest Republican financial donors in Kentucky, where McConnell is from. Kelly Knight Craft also has personal ties with McConnell’s wife, Transportation Secretary Elaine Chao.

RBA Prepared To Ease Policy Further, Says Lowe

The Reserve Bank of Australia is ready to ease monetary policy further if needed, Governor Philip Lowe said Thursday.

“…if demand growth is not sufficient, the Board is prepared to provide additional support by easing monetary policy further,” he said in Sydney.

It is reasonable to expect an extended period of low interest rates, Lowe added. It will be some time before inflation is comfortably back within the target range.

The board is strongly committed to bring inflation back to the target and continue delivering an average inflation between 2 and 3 percent.

The bank had reduced its benchmark rate in June and July, by 25 basis points each. This was the first back-to-back rate cut since mid-2012.

The governor said two rate cuts will support demand. Recent tax reductions, higher commodity prices, some stabilization in the housing market, ongoing investment in infrastructure and a lift in resource sector investment will also support the economy, he noted.

The bank expects these factors together with rate cuts to put pressure on the economy’s supply capacity and lift inflation in a reasonable timeframe, Lowe said.

However, he said other arms of public policy should also play a role to bring inflation to the target and support economic growth.