Why Is Iron Mountain Stock Plunging On Wednesday?

Iron Mountain Inc. (NYSE: IRM) reported third-quarter financial results Wednesday before the bell, following which the stock price declined. Here are the key metrics from the quarter.

Q3 Earnings Details: The company reported that the third quarter adjusted earnings per share was 44 cents. Quarterly revenue of $1.56 billion, beating the street view of $1.55 billion.

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Total reported revenues (excluding the impact of foreign currency exchange) increased 12% compared to the prior year. This was driven by a 9% increase in storage rental revenue and a 17% increase in service revenue.

On a constant currency basis, adjusted EBITDA increased by 14% in the quarter Y/Y, driven by the increase in Global Records ...