(Reuters) – Web hosting company Rackspace Hosting Inc reported a 11 percent rise in quarterly revenue and raised its share buyback programme to up to $1 billion (641 million pounds), sending its shares up 5.4 percent in extended trading on Monday. The company said the buyback is in addition to the $200 million it had already bought back. The company announced a $500 million buyback programme in November. Rackspace, which leases online storage space to companies and provides its clients management and support services, also said it expects third-quarter revenue to rise 2 percent to 3.5 percent on a constant currency basis. The company is facing tough price competition from Amazon.com Inc , Google Inc and Microsoft Corp for cloud services that includes online storage, processing power…
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