Why Rackspace Technology Stock Skyrocketed on Thursday
Shares of Rackspace Technology (NASDAQ: RXT) soared on Thursday, on the heels of an impressive third-quarter earnings report. The stock had gained 30.5% at 2:25 p.m. ET.
Rackspace reported adjusted earnings of $0.10 per share, down from $0.25 per share in the year-ago quarter. Top-line sales rose by 3.2% to $788 million. The Street's consensus estimate pointed to earnings near $0.09 per share on revenue of roughly $773 million.
The provider of multicloud technology services saw double-digit sales growth in the Asia-Pacific market and an 8% growth spurt in Europe, but only on a currency-adjusted basis. The revenue growth was diminished by the rising value of the U.S. dollar against other currencies around the world.
Source Fool.com
