Rackspace Hosting Inc. (NYSE: RAX) reported its second-quarter results on Monday after the close of trading. We had noted in our preview that Rackspace announced with its earnings back in May that it had hired Morgan Stanley to evaluate its strategic proposals, alternatives and long-term strategy. Rackspace rode a good wave initially, but shares have since settled back down. No major commentary was offered on that front.

The web hosting and cloud company reported its earnings per share as $0.16 which is equal to the consensus estimates from Thomson Reuters. Rackspace also announced that it had $441 million in revenue just slightly over the revenue estimate of $436.9 million. A year ago, the quarterly numbers were earnings of $0.16 per share and revenue of $375.85 million.

Without guidance we consider this unfinished business or an incomplete report. Estimates for the next quarter report are $0.17 earnings per share and $454.2 million in revenues.

Rackspace is a leader in hosting and cloud operations, so it can spill over into many technology and cloud companies. Rackspace had previously admitted that the market for cloud hosting has become incredibly commoditized and competitive.

Rackspace closed up over 3% higher at $31.31 in active pre-earnings trading on Monday. Shares were little changed with shares down 0.35% at $31.20 in the after-hours trading session. Rackspace’s 52-week range is $26.18 to $54.20 and its consensus price target from analysts going into earnings was $41.32.

Until we have guidance and/or word on how alternatives are progressing we would consider this report only a partially complete matter.

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