AI Keeps American Tower Growing
Here's our initial take on American Tower's (NYSE: AMT) second-quarter financial report.
American Tower provides important infrastructure assets for just about every technological innovation that's happening right now, so it's not surprising to see the company faring well. Total revenue was up 3% on a 1% rise in property revenue, and American Tower saw a 5% rise in Total tenant billings based on higher demand for its services.
Foreign currency fluctuations weighed on American Tower's international results, which led to a sharp decline in earnings under generally accepted accounting principles. However, funds from operations (FFO), a metric that's generally more commonly accepted for judging real estate investment trusts, held up much better. This figure actually rose year over year if you incorporate some extraordinary items beyond American Tower's usual definition of adjusted FFO.
Source Fool.com
