Why Rackspace Stock Plunged Today

Shares of Rackspace Technology (NASDAQ: RXT) fell Friday morning after the company reported its fourth-quarter results Thursday. Investors appear disappointed with the company's guidance for 2021. 

The tech stock was trading 12.1% lower as of 10:56 a.m. EST. 

Rackspace reported non-GAAP earnings per share (EPS) of $0.26, which beat analysts' consensus EPS estimate of $0.23. Additionally, the company's fourth-quarter sales of $716 million easily outpaced Wall Street's estimate of $702 million.  

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Source Fool.com