Rackspace Technology Q3 Results Beat Street View

(RTTNews) - Shares of Rackspace Technology, Inc. (RXT) gained over 9% on Monday's after-hours trading, driven by the cloud technology company's third-quarter results, with earnings and revenues trumping Street view.

Third-quarter net loss was $35 million or $0.17 per share, compared to net loss of $101 million or $0.54 per share last year. Adjusted earnings were $0.25 per share, up from $0.19 per share last year.

Revenue rose 12% to $763 million from $682 million last year.

Analysts polled by Thomson Reuters expected earnings of $0.24 per share on revenues of $756 million.

Looking forward to the fourth quarter, Rackspace expects revenues of $766 million to $776 million and adjusted earnings of $0.23 to $0.25 per share. Analysts currently estimate earnings of $0.24 per share on revenues of $771.44 million.

For the full year 2021, the company expects revenues of $2.998 billion to $2.998 billion to $3.008 billion and adjusted earnings of $0.95 to $0.97 per share. Analysts currently estimate earnings of $0.95 per share on revenues of $3.0 billion.

RXT closed Monday's trading at $14.99, up $0.15 or 1.01%, on the Nasdaq. The stock further gained $1.36 or 9.07% in the after-hours trading.