06:01 PM EDT, 03/12/2024 (MT Newswires) -- Rackspace Technology ( RXT ) reported a Q4 non-GAAP loss late Tuesday of $0.03 per diluted share, compared with earnings of $0.06 per share a year earlier.

Analysts polled by Capital IQ expected a loss of $0.04.

Revenue for the quarter ended Dec. 31 fell to $719.7 million from $787 million a year earlier. Analysts surveyed by Capital IQ expected $714.7 million.

For Q1, the company expects an adjusted loss of $0.12 to $0.14 per share on revenue of $680 million to $690 million. The consensus is for a loss of $0.04 per share on revenue of $709.4 million.

Separately, Rackspace ( RXT ) said it closed a private debt exchange with some creditors representing more than 72% of its first lien term loans and over 64% of its first lien notes, as well as its entire revolving credit facility commitments.

The firm said it eliminated more than $375 million of net debt and received $275 million of new money through the exchange.

Rackspace ( RXT ) said it plans to launch a public debt exchange offer to its outstanding lenders and first lien noteholders, aiming to eliminate more than $600 million in net debt via full participation.

The company's shares were down about 5% in after-hours activity.

Price: 2.1, Change: -0.11, Percent Change: -4.98