Rackspace: Q1 Earnings Snapshot

SAN ANTONIO (AP) — SAN ANTONIO (AP) — Rackspace Technology, Inc. (RXT) on Tuesday reported a loss of $612 million in its first quarter.

On a per-share basis, the San Antonio-based company said it had a loss of $2.87. Losses, adjusted for asset impairment costs and non-recurring costs, were 2 cents per share.

The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 3 cents per share.

The company posted revenue of $758.7 million in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $757.7 million.

For the current quarter ending in June, Rackspace expects its results to range from a loss of 9 cents per share to a loss of 7 cents per share.

The company said it expects revenue in the range of $725 million to $735 million for the fiscal second quarter.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RXT at https://www.zacks.com/ap/RXT

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