Rackspace's stock plunges despite record revenue and a growing customer base
SHARE Cloud computing services company Rackspace Technology Inc. saw its stock fell sharply in after-hours trading despite posting strong first-quarter financial results that beat Wall Street’s expectations. The company reported record revenue as it grew its client base and existing customers spent more. For the first quarter, Rackspace reported a profit before certain costs such as stock compensation of 23 cents per share on revenue of $726 million, up 11% from a year ago. Wall Street had forecast earnings of 21 cents per share on slightly lower revenue of $724.08 million. However, the com...
Source: siliconangle.com