: RackSpace stock jumps 15% after earnings beat


Shares of RackSpace Technology Inc. RXT, -3.65% rallied more than 15% in the extended session Wednesday after the cloud-computing company beat Wall Street expectations for its adjusted quarterly profit and sales also topped views. RackSpace lost $214 million, or $1.01 a share, in the fourth quarter, compared with a loss of $83 million, or 39 cents a share, in the fourth quarter of 2021. Adjusted for one-time items, the company earned 6 cents a share. Revenue rose 1% to $787 million as the company got more customers and customers spent more on some of Rackspace’s businesses, it said. Analysts polled by FactSet expected adjusted earnings of 5 cents a share on sales of $776 million. RackSpace guided for first-quarter revenue between $752 million and $762 million, also around the FactSet consensus. The stock ended the regular trading day down 3.7%.

This article was originally published by Marketwatch.com. Read the original article here.

Previous article: Thousands of flights canceled, delayed as winter storm blankets much of U.S. in snow and ice
Next articleThe Moneyist: ‘My son is not careful with money’: I want to rescue him from his ‘tiny’ 800-square-foot apartment. Should I buy him a home, and have him sign a promissory note?


Please enter your comment!
Please enter your name here