Dark
Light

Analysts update Rackspace Technology forecasts post Q4 results.

1 min read
39 views

TLDR:

– Rackspace Technology reported upbeat Q4 results but issued Q1 guidance below estimates

– Analysts revised their price targets on Rackspace Technology after the news

In the article “These Analysts Revise Their Forecasts On Rackspace Technology After Q4 Results”, it is reported that Rackspace Technology, Inc. announced fourth-quarter results that exceeded market expectations but issued first-quarter guidance that fell below estimates. The company posted an adjusted loss of 3 cents per share, beating expectations, while quarterly sales were $720 million, slightly above estimates. CEO Amar Maletira acknowledged the progress made in fiscal year 2023 and the company’s focus on implementing structural changes to facilitate a turnaround.

For the first quarter, Rackspace Technology expects an adjusted loss of 14 cents to 12 cents per share and revenue between $680 million to $690 million, both below analyst estimates. This news led to a 16.6% drop in Rackspace Tech’s share price to $1.84. Following the announcement, analysts from Evercore ISI Group, BMO Capital, and Raymond James made adjustments to their price targets on Rackspace Technology. Evercore ISI Group cut the price target to $2, BMO Capital raised it to $2.5, and Raymond James lowered it to $3.

It is important for investors to monitor the company’s performance in the upcoming quarters to see if Rackspace Technology can meet its guidance and continue its progress on implementing strategic changes.

Previous Story

Lim explores tech success stories in performing arts for new book

Next Story

China must confront weaknesses to avoid ‘middle technology trap’.

Latest from News