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. (NASDAQ: RXT) is a Software – Infrastructure company that describes itself as an end-to-end hybrid cloud, multicloud, and AI solutions provider. The RXT news feed on Stock Titan aggregates company announcements, press releases, and third-party coverage that explain how Rackspace designs, builds, and operates cloud environments across major technology platforms.
News about Rackspace Technology often highlights developments in hybrid and multicloud services, AI-focused offerings, and partnerships with major cloud providers. Recent announcements have covered topics such as the launch of Rackspace AI launchpad, a managed service to help organizations evaluate, pilot, and deploy AI workloads, and the use of Rackspace AI Anywhere as a private cloud foundation for secure AI and machine learning capabilities. Other stories describe customer projects involving rapid migration of business-critical workloads to public cloud platforms and multicloud strategies that span providers like Microsoft Azure and Google Cloud.
Investors and technology professionals can also follow updates on certifications, awards, and industry recognitions. Rackspace Technology has reported achievements including VMware Sovereign Cloud certification for its UK Sovereign Services, an AWS Collaboration Partner of the Year award, and the AWS Automotive Competency, as well as leadership positions in the ISG Provider Lens™ Multi Public Cloud Services Report. Leadership changes, board updates, and financial results are typically announced through press releases and related SEC filings.
By monitoring this RXT news page, readers can review how Rackspace Technology communicates its progress in hybrid cloud, AI, data, and security services, along with examples of customer engagements in sectors such as automotive, retail, healthcare, financial services, and the public sector.
Rackspace Technology, in collaboration with NatureSweet and the San Antonio Food Bank, will distribute food to over 500 households in San Antonio on November 19, 2022. This marks the 17th year of partnership with the food bank, highlighting its commitment to supporting vulnerable families. The distribution event will take place at Rackspace headquarters starting at 9:00 am. The initiative underscores the company's dedication to community service, as expressed by Holly Windham, the Chief Legal and People Officer.
Rackspace Technology announces the appointment of Bobby Molu as Chief Financial Officer effective January 16, 2023. Molu, previously CFO at Mastercard for International Markets, brings over two decades of financial leadership experience in the technology sector. His strong operational background is expected to drive Rackspace's transformation strategy, enhancing its position in the multicloud market. This leadership change follows Amar Maletira's promotion to CEO in September 2022.
Abu Dhabi Global Market (ADGM) has formed a partnership with Rackspace Technology (NASDAQ: RXT) to advance multiple strategic technology initiatives. Rackspace will assist ADGM in transitioning to cloud computing and developing a unified data platform. This shift aims to enhance operational efficiency and establish a secure technology infrastructure for advanced analytics and AI. ADGM's Director of Technology Services emphasized the importance of this collaboration in sustaining growth and innovation, while Rackspace's GM noted the project's potential to bolster regional economic vitality.
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Rackspace Technology (NASDAQ: RXT) hosted the Cloud Talk Live Cybersecurity Summit 2022 on October 25, 2022, in San Antonio, Texas. The summit included discussions with CISOs from Rackspace, iHeartRadio, and Cloudflare, attracting over 500 participants globally. Key insights emphasized the importance of conveying the value of security to leadership, utilizing real-life security incidents for improvement, and incorporating security early in development cycles. Industry leaders highlighted the necessity for ongoing investment in AI-driven security technologies to combat increasingly sophisticated cyber threats.
Rackspace Technology (NASDAQ: RXT) has been recognized as a Top 15 Sourcing Standout by Information Services Group (ISG) for the 7th consecutive quarter, reflecting its achievement in annual contract value (ACV) over the past year. This accolade is part of the 3Q 2022 Global ISG Index™, which reviews sourcing industry data and trends. The company continues to innovate with new offerings like the Elastic Engineering model and Rackspace Data Freedom, focusing on enhancing customer cloud investments and establishing itself as a growing player in the multicloud services market.
Rackspace Technology (NASDAQ: RXT) announced the appointment of Shashank Samant as the Lead Director of its Board of Directors, effective November 9, 2022. With over 30 years of experience in technology services, including a CEO role at GlobalLogic, he brings significant expertise in digital transformation. Samant plans to invest up to $2.5 million in Rackspace stock, indicating confidence in the company's future. His leadership is expected to enhance Rackspace's strategy in the cloud market and digital technology services.
Rackspace Technology reported Q3 2022 revenue of $788 million, a 3% year-over-year increase, with core revenue up 5% to $751 million. Operating cash flow was $71 million. However, the firm experienced $405 million in goodwill impairment and a net loss of $512 million versus a $35 million loss in Q3 2021. Non-GAAP earnings per share declined 60% to $0.10. The company expects Q4 revenue to be between $772 million and $782 million.
Rackspace Technology (NASDAQ: RXT) will release its Q3 2022 financial results after the market closes on November 9, 2022. CEO Amar Maletira will host a conference call at 5:00 PM ET on the same day to discuss the results. Interested parties can access the call via the company’s IR website. A replay of the call will also be available there.
Rackspace Technology specializes in end-to-end multicloud technology services.
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