Market Overview

Rackspace Down Slightly After Q3 Results

Cloud computing company Rackspace Hosting (NYSE: RAX) released its fiscal third-quarter earnings results after the closing bell on Tuesday. In the immediate wake of the results, the stock was trading down a little more than 1 percent to $65.18. The stock has been a tremendous performer since going public in 2008, with shares rising around 560 percent. Currently, Rackspace is sitting near new all-time highs after surging more than 53 percent in 2012.

The company reported net income of $27.20 million or $0.19 per share in the third-quarter, compared to $19.98 million or $0.14 per share, in the year ago period. This was in-line with Wall Street analysts' consensus EPS estimates.

Net revenue in the period was $335.99 million, a 27 percent gain versus the $264.57 million that Rackspace reported in last year's third-quarter. This came in ahead of Wall Street consensus revenue estimates of $335.89 million by the thinnest of margins.

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