Rackspace went public on Wednesday, and its stock fell nearly 22% over the course of the day.
Rackspace CEO Kevin Jones says this is a major opportunity because cloud demand is growing during the coronavirus pandemic.Visit Business Insider's homepage for more storiesShares in Rackspace fell just shy of 22% on Wednesday, its first day of trading on its second time out as a public company. But Rackspace CEO Kevin Jones says that regardless of what happened on Wall Street, the company has a major opportunity ahead of it as cloud demand only skyrockets during the coronavirus pandemic.
"We're just excited to reach this milestone, excited to be in public markets," Jones told Business Insider. "Today is day 1. We're not focused on today's stock price, and focused on the resting value over the long term. We're focused on multi-cloud. We're right in the middle of a tectonic shift. I'm not worried about the stock price today. We're really focused on the long run.
"The market was already in the middle of a tectonic shift to multi-cloud," Jones said. "We're still slammed with demands of customers that want to save money because of the pandemic. Cloud helps them do that. A lot of customers have to change their business model. Maybe their business model isn't working as well. Cloud is the best way to do that."
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Breaking News: Man who made $28 million last year is optimistic 😂🤣
I would be optimistic if I was getting a huge payout 😋
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Inside story: Humana's $100 million bet on telehealth startup Heal - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Nikola stock price has surged 33% in 2 days ahead of earnings - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. elonmusk It is interesting. Nikola competes with Tesla. Very funny. テスラとニコラ？ 冗談みたいな話🤭
Source: BusinessInsider - 🏆 729. / 51 Read more »
Business Insider webinar: How influencers earn money in pandemic - Business InsiderSIGN UP NOW: Next week we're talking to YouTube and Instagram influencers with millions of followers about how they're adapting their businesses during the pandemic and earning 6-figure incomes
Source: BusinessInsider - 🏆 729. / 51 Read more »
Business Insider's best investing stories of July 2020 - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Unemployed during coronavirus pandemic: Business Insider survey - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Well Good Evening, check me out then Work at a university. So yup. Unemployed. And they are clueless how to reopen so far.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Uber, Lyft sued again in California over driver classification - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Guy on left is hotter. I forgive his company 😂 Californistan will drive all businesses out of their state by the time they're done. It’s multiple companies doordash postmates too !
Source: BusinessInsider - 🏆 729. / 51 Read more »