Rackspace Down 13% on After Weak Q1 Profits

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Rackspace Hosting (NYSE: RAX) is trading lower on the session following its Q1 earnings announcement yesterday. The company reported an EPS of $0.17 vs $0.18 estimate and revenues of $301million vs $300.53 million estimate.Karl Pichler, chief financial officer said: “With the first quarter of the year completed, we believe we have made good progress toward our operational and financial goals."Rackspace is currently trading at $50.06, a loss of $7.74 or 13.39%.

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