Why Rackspace Technology Stock Sank 18.9% Last Month
What happened
Shares of Rackspace Technology (NASDAQ:RXT) dipped 18.9% in May, according to data from S&P Global Market Intelligence. The cloud-computing stock fell after the company published its first-quarter results.
RXT data by YCharts
Rackspace published Q1 results on May 10, and shares pulled back precipitously following the release despite the company posting results that came in ahead of the average market targets. The company recorded non-GAAP (adjusted) earnings per share of $0.23 on…
