RXT - Rackspace Technology soars 28% after earnings topper
- Rackspace Technology ( NASDAQ: RXT ) stock rose sharply on Thursday after the company posted core revenue growth of 5% with easy earnings beat.
- Revenue of $787.6M (+3.2% Y/Y) beat by $14.67M.
- Core revenue of $751M
- Loss from operations was $477M vs. $3M in a year ago quarter.
- Non-GAAP EPS of $0.10 beat by $0.01.
- Capital expenditures were $31M during the three month through Sept. 30. Cash and cash equivalents of $249M with no balance outstanding on our Revolving Credit Facility.
- "We delivered third quarter revenue and profit above our guidance and reported solid cash flow," commented CEO Amar Maletira.
- Q4 2022 Guidance: Revenue is forecasted to range between $772-$782M; Core revenue of $738-$746M vs. consensus of $780.60M ; Adjusted operating profit expected to range between $65-$69M; Non-GAAP EPS expected between $0.04-$0.06 vs. consensus of $0.07.
- RXT shares skyrocketed 28% on Thursday to trade at $5.58 vs. 52-week range of $3.70-$18.50.
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Rackspace Technology soars 28% after earnings topper