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Iron Mountain missed third-quarter revenue expectations on Thursday as businesses reined in tech spending due to high interest rates and economic uncertainty.

Peers of the company, including Digital Realty and Equinix, trimmed their revenue projections for the year, highlighting weakness in demand for some cloud-based infrastructure such as data storage.

The Boston, Massachusetts-based company posted a third-quarter revenue of $1.39 billion, compared with estimates of $1.41 billion, according to LSEG data.

Iron Mountain also announced that it will buy electronic recycling company Regency Technologies for an initial purchase price of $200 million, with $125 million to be paid when the deal closes and the remainder in 2025.

The company looks to improve foothold in the IT asset remarketing and recycling space with the acquisition.

Adjusted funds from operations, which indicates cash flow, rose to 99 cents per share in the quarter ended Sep. 30, from 98 cents per share a year earlier.

Adjusted profit in the third quarter fell to 45 cents per share from 48 cents per share a year earlier.

The company reaffirmed its annual revenue growth forecast of about 9%, compared with market expectation of 8.7%. Reuters

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