RXT - Rackspace cutting workforce by 10% raises Q2 outlook

da-kuk/E+ via Getty Images Rackspace Technology (RXT) raises its second-quarter guidance with revenue of $741-744M, up from the prior $735-745M forecast. Analyst were expecting $740.8M in sales for the period. Adjusted EPS is raised from $0.21-0.23 to $0.22-0.24, matching consensus at the lower end. In addition, Rackspace expects second quarter bookings of about $258M, up 6% on the first quarter. Rackspace plans a restructuring plan that will cut the workforce by 10%. The company expects to record a $70-80M charge within the next 12 to 24 months. Rackspace shares are down 0.7% to $19.07. In May, Rackspace stock plunged after first-quarter earnings with bookings deceleration and soft guidance

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Rackspace cutting workforce by 10%, raises Q2 outlook