Home Trending Stocks Shares of Rackspace Technology Inc. (RXT) were declining rapidly in after-market? Why...

Shares of Rackspace Technology Inc. (RXT) were declining rapidly in after-market? Why did it happen?

Rackspace Technology, Inc. (Nasdaq: RXT), a leading provider of expertise and managed services across all the major public and private cloud technologies, announced financial results for its first quarter completed on March 31, 2021.

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At last check-in after-market trading, shares of Rackspace Technology Inc. (RXT) were down -15.7% at $20.25. RXT’s stock closed last session at $24.02, increasing 1.26% or $0.3. Shares of the company fluctuated between $23.16 and $24.16 throughout the day.

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First Quarter 2021 Report

Revenue generated was $726 million in the first quarter of 2021, which represented a rise of 11% versus revenue of $653 million in the same quarter of the previous year. An increase in revenue was offset due to new customer acquisitions and expanding customer spending in the multi cloud Services and Apps & Cross-Platform segments. On a constant currency basis, revenue had an increment by 10% in the first quarter of 2021 versus the same quarter of the previous year.

Revenue from the main Segments consisted of Multicloud Services and Apps & Cross-Platform, depicted a rise of 15% in the first quarter of 2021 in comparison to the same quarter of the prior year. On a constant currency basis, Core Revenue had an increment of 14% in the first quarter of 2021 versus the first quarter last year.

Bookings were $244 million in the first quarter of 2021, representing a rise of 6% in comparison to Bookings of $231 million in the first quarter of the previous year.

Net loss accounted for $64M in the first quarter of 2021, versus net loss of $48M in the first quarter of last year.Net loss per diluted share was $0.31 in the first quarter of 2021, in comparison to net loss per diluted share of $(0.29) in the first quarter of 2020.

Non-GAAP Operating Profit was $119 million in the first quarter of 2021, which represented an increase of 10% versus $109 million in the same quarter the prior year. Non-GAAP Earnings Per Share was $0.23 in the first quarter of 2021, depicting a rise of 44% in comparison to Non-GAAP Earnings Per Share of $0.16 in the first quarter of the previous year.

Capital expenditures were $59 million in the first quarter of 2021, versus $75 million in the same quarter of the prior year. As of March 31, 2021, RXT had cash and cash equivalents of $198 million.

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Conclusion

RXT significantly reduced investor interest after announcement of their first-quarter report. The financial result did not exceed investor expectation with RXT stock declining immensely at last check.

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