Rackspace Technology, Inc. Stock Price, News & Analysis

Rackspace Technology, Inc. (Nasdaq: RXT) reported fourth quarter revenue of $787 million, a 1% increase year-over-year, with core revenue reaching $752 million, up 2%. For the full year, revenue was $3,122 million, marking a 4% growth. However, the company faced significant challenges, including $217 million in non-cash impairment charges and a loss from operations of $(227) million in Q4. The net loss for 2022 totaled $(805) million, with a per-share loss of $(3.81). The company aims for Q1 2023 revenue guidance of $752 - $762 million, indicating ongoing efforts for long-term growth and operational realignment.

Rackspace Technology (NASDAQ: RXT) announced a partnership with Reiter Affiliated Companies (RAC) to enhance IT workloads using VMware Private Cloud. This collaboration aims to improve operations for RAC, the largest fresh multi-berry producer globally, by streamlining business processes and enhancing data access. The partnership helped RAC migrate to a modern cloud solution, consolidating its IT infrastructure and allowing for significant cost reductions and performance improvements in applications. This move enables RAC to better utilize resources and build disaster recovery capabilities without exceeding its IT budget.

Rackspace Technology (NASDAQ: RXT) has partnered with JobTarget to enhance its public cloud infrastructure using Amazon Web Services (AWS). This collaboration aims to modernize JobTarget's application and database architecture, focusing on scalability, performance, and cost-effectiveness. The partnership has already shown results, with JobTarget's business doubling in 2022 and improved operational flexibility. Through AWS best practices and a new event-driven architecture, JobTarget can now efficiently process data and innovate products. Overall, this partnership marks a significant step towards cloud-native solutions for JobTarget.

Rackspace Technology (NASDAQ: RXT) announced the successful migration of Communications Data Group (CDG) to Amazon Web Services (AWS), enhancing security and scalability for telecommunications solutions. This transition from legacy systems enables CDG to provide improved services to various providers across North America. CDG aims to leverage AWS's capabilities to focus on its core strengths in enterprise software development while benefiting from Rackspace's expertise in cloud technology. The phased approach includes AWS services such as Amazon Elastic Compute Cloud and Amazon Aurora Serverless, facilitating near-limitless scalability.

Rackspace Technology (NASDAQ: RXT) will announce its fourth quarter 2022 financial results on February 22, 2023, after market close. The CEO, Amar Maletira, and CFO, Bobby Molu, will host a conference call at 5:00 PM ET on the same day to discuss the results in detail. Interested listeners can access the live webcast on the Investor Relations website, with a link provided for pre-registration to participate in the Q&A session. Rackspace is recognized as a leading provider of end-to-end multicloud technology solutions, assisting clients in modernizing applications and adopting innovative technologies.

Rackspace Technology (NASDAQ: RXT) has signed a Memorandum of Understanding (MoU) with the Saudi Data and AI Authority (SDAIA) to enhance Saudi Arabia's digital transformation in alignment with Vision 2030. The partnership aims to position Saudi Arabia as a leader in data-driven economies, focusing on data policies, analytics, and AI innovations. Officials from both organizations expressed their commitment to collaborate on technology initiatives that will support national goals. The MoU was signed on February 6, 2023, at the LEAP conference in Riyadh, marking a significant step in Saudi Arabia's ambitions to leverage cloud technology and data.

Rackspace Technology (NASDAQ: RXT) has announced the extension of its FedRAMP authorization to include Amazon Web Services (AWS), enhancing its Rackspace Government Solutions platform. This move allows federal agencies to utilize a secure range of AWS services, aligning with the recent legislation mandating FedRAMP compliance for cloud access in government agencies. With 23 FedRAMP authorizations and extensive AWS accreditations, Rackspace aims to meet 80% of FedRAMP requirements, significantly improving its position among managed service providers.

Rackspace Technology (NASDAQ: RXT) has appointed Anthony Roberts to its Board of Directors, effective January 30, 2023. Roberts fills the vacancy left by Tim Campos, who resigned due to increased commitments with his new role at Apple. With over 35 years of technology and change management experience, including leadership roles at Walgreens Boots Alliance, Roberts brings substantial expertise to the board. CEO Amar Maletira highlighted Roberts' potential to enhance Rackspace's position in the multicloud sector and assist with industry-focused strategies and international expansion.

Rackspace Technology (NASDAQ: RXT) has been named to CRN's annual Cloud 100 list, recognizing the top 100 Cloud Companies for 2023 in five categories: infrastructure, monitoring, management, storage, and security. This accolade highlights Rackspace's commitment to channel partners and its innovation in cloud-based technology development. The company emphasizes its 'Fanatical Support' and continuous improvement in partner enablement through better communication and analytics. Additionally, Rackspace has achieved the ISG Sourcing Standout award for six consecutive quarters globally, solidifying its position in the multicloud market.