RXT - Rackspace stock plunges after Q1 bookings deceleration soft guidance

Rackspace Technology (RXT) shares are currently down nearly 21% after yesterday's Q1 beats were offset by slowing bookings growth ahead of tougher comps and soft guidance.For Q1, revenue was up 11% on the year to $725.9M. EPS was $0.23, two cents ahead of consensus estimates.Bookings were up 6% to $244M vs. the 27% growth in Q4 and 64% in Q3.For Q2, Rackspace forecasts revenue of $735-745M (consensus: $ 735.19M) and $0.21-0.23 EPS (consensus: $0.23).For FY21, the company expects $2.9-3.1B in revenue (consensus: $3.02B) and EPS of $0.95-1.05 (consensus: $1.01).Earnings press release.

For further details see:

Rackspace stock plunges after Q1 bookings deceleration, soft guidance