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.