The Chicago Entrepreneur

: RackSpace stock jumps 15% after earnings beat

Shares of RackSpace Technology Inc. RXT 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%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Previous post FedEx pilot union inches closer to strike with unanimous approval for authorization vote
Next post : Five9’s stock drops on widening quarterly loss