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ZDNet: Cloud computing vendor Rackspace announced that it earned $23.18 million, or 17 cents a share, on revenue of $301.35 million during the first quarter. Although that's a 31 percent year-over-year increase, it failed to meet Wall Street's expectations of 18 cents a share profit on revenue of $300.5 million. The company's stock price dropped significantly on the news.
The company also announced that it now has 180,866 customers and 82,438 servers. Average earnings per server came to $1,238 for the quarter.