Rackspace Technology, Inc. Stock Price, News & Analysis

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.

Rackspace Technology (NASDAQ: RXT) has been recognized as a leader in two categories by the U.S. ISG Provider Lens™ Google Cloud Partner Ecosystem 2022, specifically in Managed Services and Implementation and Integration Services. This acknowledgment is based on an evaluation of 100 providers, highlighting Rackspace's strong market presence and comprehensive service offerings. The reports suggest that Rackspace's innovative capabilities help businesses leverage advanced technologies more effectively within Google Cloud Platform (GCP).

Rackspace Technology (NASDAQ: RXT) has appointed Dharmendra (D K) Sinha as President of its Public Cloud Business Unit, effective immediately. Sinha joins from Cognizant, where he played a key role in expanding annual revenues from $25M to $16B over 24 years. He aims to accelerate Rackspace's growth strategy, focusing on public and private cloud markets. With his proven leadership and experience, Sinha is expected to enhance Rackspace's position as a leading multicloud solutions provider.

Rackspace Technology (NASDAQ: RXT) has announced its upgrade to a GOLD partnership with Datadog (NASDAQ: DDOG), enhancing its multicloud technology solutions. This partnership enables Rackspace to utilize Datadog's observability services, crucial for diagnosing application environment issues and minimizing operational disruptions for clients. The platform offers over 500 integrations, comprehensive visibility into infrastructure performance, and various monitoring tools. This strategic move aligns with the increasing demand for efficient cloud application management.

Rackspace Technology (NASDAQ: RXT) will release its Q2 2022 financial results on August 9, 2022, after market close. CEO Kevin Jones and CFO Amar Maletira will host a conference call at 5:00 PM ET to discuss the results. The call will be accessible via Zoom and telephone, with a replay available on the company’s website. Rackspace Technology provides end-to-end multicloud services, assisting clients in modernizing applications and adopting innovative technologies.