Rackspace Technology, Inc. Stock Price, News & Analysis

Rackspace Technology (NASDAQ: RXT) has launched the Rackspace Accelerated Migration Program (Rackspace AMP), a multi-million dollar initiative aimed at assisting customers in migrating their applications to private cloud environments. The program combines financial assistance with dedicated technical expertise, allowing organizations to improve cost efficiency and manage workloads effectively. This initiative reflects Rackspace's commitment to support customers' cloud journeys by providing access to skilled engineers for architecture development, migration planning, and lifecycle management.

Rackspace Technology (RXT) has facilitated the early adoption of AWS cloud services for Precia, a subsidiary of the Colombian Stock Exchange specializing in financial valuation solutions. Since 2014, Precia has opted for AWS due to its swift deployment capabilities. This partnership has led to improved response times and agility in addressing customer needs, establishing Precia as the first Colombian financial entity to migrate workloads to the cloud. This move is expected to enhance the stability of Colombia's financial system and position Precia competitively in its industry.

Rackspace Technology will showcase its cloud solutions at VMware Explore, from August 29 to September 1 at the Moscone Center in San Francisco. Attendees can explore Rackspace Elastic Engineering, enhancing cloud management, and demo the Data Freedom platform, which separates storage from public cloud compute. The company will also present Rackspace Services for VMware Cloud, promising increased agility for VMware workloads. Notable presentations include 'Creating Powerful Ecosystems' and 'So Much Infrastructure. So Little Time.'

Rackspace Technology (NASDAQ: RXT) announced the launch of the Beyond Clouds marketing campaign aimed at educating C-Level decision-makers about modernizing applications, data, and security solutions. The campaign aims to position Rackspace as a services-led, end-to-end, multicloud solutions provider. It will highlight advisory services and solutions such as Rackspace Elastic Engineering and will be promoted through digital platforms and events. The initiative emphasizes the company's role in assisting customers throughout their digital transformation journey.

On August 18, 2022, Rackspace Technology (NASDAQ: RXT) was recognized as a leader in the 2022 ISG Provider Lens – Microsoft Ecosystems Partners Quadrant Report U.S., highlighting its strength in managed Azure services. This recognition stems from Rackspace's robust customer relationships and innovative service offerings, including Rackspace Elastic Engineering. The report evaluates IT service providers based on key areas of the Microsoft ecosystem, providing enterprises with valuable insights to choose service partners effectively.

Rackspace Technology (NASDAQ: RXT) has been recognized as a Top 15 Sourcing Standout by Information Services Group (ISG) in its 2Q 2022 Global ISG Index™. This marks the sixth consecutive quarter the company has received this accolade across all regions, including the Americas, EMEA, and Asia Pacific. The ranking is based on the company’s annual contract value (ACV) over the last 12 months. Rackspace is noted for its rapid adoption of new services like Elastic Engineering and the recent launch of Rackspace Data Freedom, enhancing its position in the multicloud services market.

Rackspace Technology (NASDAQ: RXT) has partnered with Konesh, a leading tax and accounting consultancy in Mexico, to enhance its cloud services infrastructure. Konesh, which manages 1.5 billion documents and serves 450,000 taxpayers, aims to leverage Rackspace's private cloud solutions. This collaboration is expected to optimize Konesh's operations, ensuring a 99.98% operational continuity. Konesh’s leadership attributes its success partially to Rackspace's Fanatical Experience, emphasizing the critical nature of uninterrupted systems for client services.

Rackspace Technology (Nasdaq: RXT) reported a revenue of $772 million for Q2 2022, marking a 4% increase from the previous year. Core revenue grew by 5% to $733 million, driven by new customer acquisitions and increased spending in Multicloud Services. However, the company posted a net loss of $41 million, slightly higher than last year's $37 million. Non-GAAP earnings per share decreased by 29% to $0.17. Looking ahead, Rackspace expects Q3 revenue between $769 million and $779 million.

Rackspace Technology (NASDAQ:RXT) has achieved Qualified Security Assessor Company (QSAC) status for the Payment Card Industry Data Security Standard (PCI DSS) in EMEA. This recognition allows Rackspace to provide essential security services to merchants handling card transactions, including compliance reports, gap analysis, and security training. This status enhances Rackspace's ability to support clients in payment security amidst growing threats. The announcement underlines Rackspace's commitment to helping businesses navigate evolving security landscapes.