Rackspace Reports Q2 Results

Rackspace (NYSE:RAX) put out its second quarter results, reporting an 11 percent growth in revenues and a 29.8 percent growth in net income, year-on-year. The company made moves on the cloud front this quarter with its support of Microsoft Azure.
As quoted in the press release, highlights of results included:

• Revenue Grew 11 Percent Compared to the Second Quarter of 2014
• Adjusted EBITDA Grew 14.2 Percent Compared to the Second Quarter of 2014
• Net Income Grew 29.8 Percent Compared to the Second Quarter of 2014
• EPS on a fully diluted basis was 20 cents in the Second Quarter of 2015
• Share buyback authorized for up to $1 billion, with at least $500 million expected to be completed in the next six to nine months

Rackspace president and CEO, Talor Rhodes, said:

During the second quarter, we made progress on several key fronts, including with our 50 largest enterprise customers, whose spending with us is growing at more than twice the rate of our overall business. We expanded our managed cloud strategy by providing our expertise and Fanatical Support on Microsoft Azure. We’ve launched a major partnership with Intel to make OpenStack public, private and hybrid clouds easier to deploy, more scalable and more secure. And we continue to make progress toward building the market-leading managed services offer for customers on the AWS cloud.

Click here for the full press release.