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.
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Rackspace Technology (Nasdaq: RXT) reported a 7% increase in revenue, totaling $776 million for Q1 2022, driven by new customer acquisitions. Core revenue rose by 9% to $735 million. Despite these gains, the company incurred a net loss of $(39) million, an improvement from $(64) million in Q1 2021. Non-GAAP operating profit decreased by 6% to $112 million. Facing potential strategic shifts after a recent review, Rackspace is optimistic about its growth trajectory amid the expanding cloud market.
Rackspace Technology (NASDAQ: RXT) has joined NVIDIA's DGX-Ready Managed Services program, allowing enterprises to leverage NVIDIA DGX systems without managing their infrastructure. This partnership aims to meet the growing demand for AI solutions by providing fully managed IT services optimized for AI development. Rackspace will assist organizations in deploying machine learning initiatives more efficiently, focusing on maximizing the value from their data. With this collaboration, the company enhances its capabilities in cloud services and support for enterprise AI adoption.
Rackspace Technology (NASDAQ: RXT) has been recognized as a Top 15 Sourcing Standout by Information Services Group (ISG) for the fifth consecutive quarter. This accolade highlights its performance in the Breakthrough 15 category based on annual contract value over the last year. The ISG Index™ reviews the sourcing industry, categorizing providers by revenue. Rackspace's CEO noted their commitment to delivering exceptional support and innovative solutions, including the new Rackspace Data Freedom storage service, aimed at enhancing customer cloud investment management.
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Rackspace Technology (NASDAQ: RXT) will announce its Q1 2022 financial results on May 10, 2022, post-market close. The announcement will be followed by a conference call at 5:00 PM ET, led by CEO Kevin Jones and CFO Amar Maletira, to discuss the results. Interested parties can join via Zoom or telephone, with details provided in the announcement. An audio replay will be available on the company's website shortly after. Rackspace Technology specializes in multicloud technology services and assists customers in managing cloud environments.
Rackspace Technology (NASDAQ: RXT) has joined the Microsoft Intelligent Security Association (MISA), enhancing its security services in collaboration with Microsoft. This partnership allows Rackspace to integrate its Elastic Engineering for Security services into Microsoft’s cloud-native security solutions, enabling businesses to defend against increasing cybersecurity threats. With over 18 years of collaboration, Rackspace offers managed security services such as XDR leveraging Microsoft Sentinel, ultimately aiming to improve security postures across Azure and hybrid environments.
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Rackspace Technology (NASDAQ: RXT) has announced a strategic partnership with Cohesity to enhance managed backup and recovery solutions for its VMware-based customers. The new offering, called Rackspace Data Protection, integrates Cohesity's next-gen data management capabilities, providing comprehensive protection against cyber threats, including ransomware. Key features include a simplified solution for data management, ransomware remediation through immutable snapshots, rapid recovery options, and scalability that optimizes storage efficiency.
Rackspace Technology (NASDAQ: RXT) has enhanced its strategic partnership with Akamai Technologies (NASDAQ: AKAM) to provide consultative services aimed at securing cloud applications and APIs. The collaboration will leverage Akamai’s Web Application and API Protector, enhancing security features such as automatic API discovery, bot mitigation, and adaptive detections. This initiative aims to support businesses of all sizes in navigating increasing cyber threats, particularly from API abuses, which have tripled in frequency according to Akamai's recent report. This service is coupled with Rackspace's Elastic Engineering for Security managed offering.