Cloud hosting revenue more than doubled in 2009 for Rackspace

To the early leader goes the spoils. Rackspace Hosting (NYSE: RAX) is reporting very healthy results for 2009. Net revenue was up by 18 percent for the year (to $169.5 million) and net income was up 32 percent for the year (to $9 million). But cloud computing revenue grew by 124 percent to $56 million for the year. And sales in its cloud line were up every quarter.

CEO Lanham Napier did not give cloud computing all the credit for the company’s growth. He is committed to a hybrid approach, combining dedicated and cloud hosting.

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