Rackspace Technology (NASDAQ: RXT) shares jumped ahead of the market early Thursday, rising over 15% by 10:30 a.m. ET before settling to a 3% increase by the early afternoon. The cloud tech developer's shares have been volatile in the past year and are currently down over 70% since early 2022.

Thursday's rally was powered by surprisingly strong earnings results for the selling period that ended in late December.

Rackspace's management team said late Wednesday that sales in Q4 rose 1% to $787 million, while non-GAAP (generally accepted accounting principles) operating profit fell 40% to $74 million. While those figures weren't impressive in isolation, they both beat the outlook that executives had issued in early November.

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Source Fool.com