Rackspace Hosting Q1 Results Top Estimates

(RTTNews) - Rackspace Hosting, Inc. (RAX) reported net income for the first quarter of $25.4 million or $0.18 per share , compared to $27.3 million or $0.19 per share for the year-ago quarter.

Net revenue for the first quarter rose 16% to $421.05 million from $362.20 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.12 per share on revenue of $419.53 million for the first quarter.

Looking forward to the second quarter, the company forecasts quarter-over-quarter sequential net revenue growth of 3% to 4.5%, resulting in net revenue in the range of $434 million to $440 million. Analysts currently expect the company to post revenue of $435.53 million for the second quarter.