Shares of Rackspace Hosting (RAX) fell over 9% in the past trading week. The provider of cloud computing services to small and medium sized businesses reported its third quarter results on Tuesday.
Third Quarter Results
Rackspace reported third quarter revenues of $336 million, up 27% on the year. Revenues were up 5.3% compared to second quarter revenues. Revenues came in line with analysts expectations.
Adjusted EBITDA rose 38% on the year to $121.7 million. EBITDA margins came in at 36.2% which was a 110 basis point improvement compared to the second quarter, and up 290 basis points on the year before.
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