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 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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Rackspace Technology (NASDAQ: RXT) has launched a dedicated cybersecurity microsite in honor of National Cybersecurity Awareness Month, aimed at helping organizations strengthen their security measures in the evolving cloud landscape. The site addresses the gap in cloud security investments as enterprises migrate workloads. A recent survey highlights that only 21.8% of IT leaders utilize cloud-centric security tools. Rackspace aims to assist customers by providing various security solutions including cloud security assessments and zero trust architecture.