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Why Rackspace Technology Stock Doubled This Morning

TheMotleyFool

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Why Rackspace Technology Stock Doubled This Morning: https://g.foolcdn.com/editorial/images/869119/two-technicians-in-data-center-aisle.jpg

Shares of Rackspace Technology (NASDAQ: RXT) more than doubled on Thursday morning, peaking at a 103.5% gain near 10:50 a.m. ET. Goosed by a mixed earnings report with modest guidance, the cloud computing company's stock was up by 81.5% as of this writing, half an hour later.

Wait -- I just called the report imperfect. Shouldn't Rackspace's stock be crashing today?

The Q1 2026 earnings report really wasn't terribly inspiring. Revenues rose 2% year-over-year to $678 million, slightly ahead of Wall Street's $675 million consensus target. On the bottom line, adjusted net losses held firm at $0.06 per share. Your average analyst was hoping for a smaller loss of around $0.03 per share.

Source Fool.com

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