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Industry News Desk Rackspace Cloud Biz Doubles
Expects to have total capex of ~$185 million for the year
By: Maureen O'Gara
Nov. 13, 2009 03:45 PM
Budding cloud merchant Rackspace Hosting came in with better-than-expected net revenue of $162.4 million for the September quarter, up 17.4% year-over-year and up 6.8% sequentially. Earnings were up 45.3% year-over-year to $7.6 million or six cents a share and up 8.8% quarter-over-quarter. Managed hosting revenue increased to $147.1 million, up 6% sequentially. Cloud revenue increased to $15.3 million, up 17% from the previous quarter. The company said its cloud business now represents ~10% of its total net revenues, up from 5% this time last year.
Capital expenditures were $46.7 million, including $28.7 million for purchases of customer gear, $4 million for data center build outs, $5.4 million for office buildouts and $8.5 million for capitalized software and other expenditures. These capex costs hurt. Rackspace expects to have total capex of ~$185 million for the year, including $110 million for customer gear, $35 million for data centers, $15 million for office space, and $25 million for capitalized software and other. It's got $103 million in the bank and $58.5 million in debt. Employment is up to 2,730 people.
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