RXT - Rackspace Technology jumps 11% after Q3 earnings beat

Rackspace Technology (RXT +11.7%) Q3 revenue was at $763M, a rise of 12%, beats estimates by $6.97M. Revenue was positively impacted by new customer acquisitions and growing customer spend in our Multicloud Services and Apps & Cross Platform segments. Bookings were $200M in Q3, a decrease of 36% from last year. Company expects to achieve its $1B bookings target for fiscal 2021, as a large, competitive deal was awarded to the company early in the fourth quarter and is expected to be signed before year end. Non-GAAP Operating Profit was $124 M, an increase of 6%. Non-GAAP EPS was $0.25, an increase of 32% from last year, beats consensus by $0.01. Cash and cash equivalents of $260M Kevin Jones, CEO, commented, “The Cloud market continues to grow and momentum continues to accelerate. Companies of all sizes need help with their move to the cloud. And as a leading pure-play cloud services company,

For further details see:

Rackspace Technology jumps 11% after Q3 earnings beat