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Rackspace Technology, Inc. (NASDAQ:RXT) shares are extending a massive rally this Monday.
The momentum follows Friday session where the stock surged 54% hitting a new 52-week high. Investors are reacting to a strategic pivot toward artificial intelligence and stronger-than-expected quarterly sales.
Rackspace Revenue Topples Street Estimates
Rackspace reported first-quarter sales of $678.100 million, representing a 2% year-over-year increase. This figure topped the Street estimate of $660.83 million. Growth was fueled by public cloud revenue, which climbed 7% to $443 million. Conversely, private cloud revenue fell 6% to $235 …
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