Rackspace Technology (RXT) stock surged 5.21% in the pre-market session on Friday, following the company's impressive fiscal 2024 earnings report. The strong financial performance and robust growth in cloud bookings fueled investor optimism, contributing to the stock's sharp rise.

The key highlights from Rackspace's earnings call include:

• Exceeded revenue, profit, and EPS guidance for the 10th consecutive quarter, demonstrating consistent outperformance.
• Reported record-breaking quarterly sales bookings, with high double-digit growth in annual contract value both sequentially and year-over-year.
• Strong performance in the Americas region and increasing adoption of hybrid cloud solutions led to a 14% growth in sales bookings for fiscal 2024.
• Private cloud bookings accelerated significantly, with a 42% growth in the second half of 2024 compared to the first half.
• Public cloud bookings grew 22% year-over-year, driven by robust performance in services and infrastructure resale, with data services bookings more than doubling.

Rackspace's impressive financial results and strong momentum in cloud adoption, particularly in the private and hybrid cloud segments, appear to be the primary drivers behind the stock's surge. Investors are optimistic about the company's ability to capitalize on the growing demand for cloud solutions and maintain its strong sales and bookings growth.