At one point, Rackspace's stock prices soared to a record high of $26 amid rumors that Amazon was interested in investing in the company.
At one point, Rackspace's stock prices soared to a record high of $26 amid rumors that Amazon was interested in investing in the company.Rackspace Technology will buy back up to $75 million of its own stock after its price suffered a fall amid analyst concerns about the company’s trajectory.
Rackspace shares were $10.03 on the NASDAQ market floor Friday morning, down by more than half of its initial offering in late 2020. Prices fell to their lowest price yet last week, the day after the company posted its fourth quarter earnings for 2021. Amar Maletira, president and chief financial officer of Rackspace, defended the recent deal and others like it in an investor earnings call, in response to a question from Bachman.
Nearly a year ago, the company embarked on a “massive move to offshore,” as one analyst described it in the call.last summer, replacing most of those jobs with cheaper ones abroad, many in India. The company said in filings at the time that it expected to save $95-100 million every year from the move, which would offset the $70-80 million in estimated costs for severance payments, healthcare benefits, and “other exit costs.
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