Welcome to our dedicated page for Rackspace Technology news (Ticker: RXT), a resource for investors and traders seeking the latest updates and insights on Rackspace Technology stock.
Rackspace Technology, Inc. reports developments tied to its hybrid cloud, multicloud, and enterprise AI solutions business. Company updates commonly cover Private Cloud and Public Cloud performance, managed services, professional services, security and compliance offerings, and customer cloud environments across major platforms including AWS, Microsoft Azure, and Google Cloud.
Rackspace news also includes partnerships and product initiatives for governed enterprise AI infrastructure, sovereign cloud services, cyber recovery, data migration, and managed operations for regulated or mission-critical workloads. Recurring corporate updates include quarterly results, earnings-call schedules, leadership appointments, and changes within the company's cloud business units.
Rackspace Technology (NASDAQ: RXT) has successfully completed a cloud migration for Switchfly, enhancing its travel e-commerce services. The migration to Amazon Web Services (AWS) improved booking retrieval times from 20 seconds to just 5 seconds, boosting operational efficiency for Switchfly, which processes approximately $3 billion in bookings annually. The project involved migrating 20 clients and 700 servers, optimizing application performance while reducing costs through Rackspace Optimizer+. This collaboration exemplifies Rackspace's commitment to providing robust cloud solutions for the travel industry.
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Rackspace Technology (NASDAQ: RXT) announced it has achieved the AWS Service Delivery designation for Amazon Elastic Kubernetes Service (EKS), showcasing its technical proficiency in delivering AWS services. This recognition distinguishes Rackspace as an AWS Partner Network member, affirming its successful deployment of EKS solutions. D K Sinha, President of Public Cloud, emphasized the team's commitment to helping companies reach technology goals using AWS's innovative offerings. The AWS Service Delivery Program aids customers in identifying partners with deep expertise in specific AWS services. Furthermore, Rackspace's Onica service offers a Container Accelerator to facilitate quick, secure containerization.
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Rackspace Technology (NASDAQ: RXT) announced a successful migration of Ohio National Chile's core business to the cloud, resulting in significant improvements in flexibility, cybersecurity, and cost reduction. This transformation allows for the instant creation of Virtual Machines (VMs) and enhances product innovation. Following its acquisition by Constellation Insurance Holding in March 2022, Ohio National Chile has benefited from faster data processing and the ability to manage cloud services effectively without the need to hire additional in-house IT experts. The partnership emphasizes the importance of adopting cloud-native services to drive business growth.
Rackspace Technology (NASDAQ: RXT) has achieved a notable milestone by being named a Top 15 Sourcing Standout by Information Services Group (ISG) for the 8th consecutive quarter. This recognition places Rackspace among the leading providers in the Breakthrough 15 category based on annual contract value won over the last 12 months. Additionally, the company introduced new offerings like the Elastic Engineering model and Rackspace Data Freedom, enhancing customer cloud investments. ISG's independent review positions Rackspace as a growing player in the multicloud services market, reinforcing its strategic importance to businesses.
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Rackspace Technology (NASDAQ: RXT) has partnered with Moody's Analytics to enhance the management of datasets involving 400 million firms. This collaboration aims to improve Moody's risk profile offerings and develop new competitive services. With Rackspace's Elastic Engineering team, Moody's migrated to a cloud-native solution on AWS, allowing for daily categorization of firms and the establishment of a probability of default score within four hours. This strategic move enables Moody's clients to make data-driven investment decisions more effectively, culminating in the soft launch of the Peer Aggregation Engine for regular actionable insights.
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.