Markets cold on cloud computing

The stock market is giving cloud computing the cold shoulder, reports FT.com.

“Last week Akamai, which helps clients deliver content and services over the web, reported a quarter in which revenues grew 17% from the year before; operating profits grew even faster. …[But] the stock fell 15%. On Tuesday evening Rackspace, which hosts clients’ websites and software applications, reported sales and profit up by a quarter. The market was not impressed. Rackspace’s ‘public cloud business…grew a mere 50%, decelerating from the previous quarter. The stock lost a fifth of its value,” the report explains.

Read more here.

Also read:

IBM buys cloud computing software

CISCO buys cloud-computing company

An office in the clouds

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.