A transparent cathode electrode technology for an electroluminescent display device having a top emission structure, provides a top emission type electroluminescent display device and a method to manufacture the same. Oxidation of a substrate film can be reduced or prevented during the film formation of a metal oxide. Electronic equipment including this display device is also provided. A first electrode, a function layer including a luminescent layer, and a transparent second electrode made of a metal oxide are laminated on the substrate in that order from the lower surface. At this time, the oxygen concentration in the second electrode is made to vary in the film thickness direction, and the oxygen concentration in the vicinity of the interface between the second electrode and the function layer is made lower than the average oxygen concentration in the second electrode.