Rackspace Technology, Inc. Stock Price, News & Analysis

Rackspace Technology (RXT) announced that its Chief Product Officer, Josh Prewitt, will engage in a fireside chat with McGraw Hill Education's CTO, Andrew Lippert, at the Apex National Cloud & Cloud Security Transformation Virtual Summit on December 16, 2021. The event aims to address critical technology challenges facing CIOs from Fortune 500 and Global 2000 companies as they navigate cloud and security transformations. The collaboration features prominent industry leaders, including sponsors BitSight, Red Hat, and Intel.

Rackspace Technology (NASDAQ: RXT) announced significant advancements in its partnership with Amazon Web Services (AWS) through various customer transformations and new designations. The company achieved 15 AWS Partner competency designations and over 2,700 AWS Certifications. A highlighted success story includes Awaze, which reduced web session costs by 30% after migrating to AWS. Rackspace also received Amazon Quicksight Service Delivery designation and AWS Shield Advanced certification, bolstering its cloud security offerings. Additionally, Rackspace will participate in AWS re:Invent 2021 as a Gold Sponsor.

Rackspace Technology (NASDAQ: RXT) has been honored as the 2021 AWS Migration Partner of the Year (NSI) – US. This recognition highlights the company’s extensive expertise in assisting customers with their digital transformations and cloud migrations. With 15 AWS competencies and over 2,700 certifications, Rackspace plays a crucial role in the AWS Migration Acceleration Program, driving significant projects in the US. The company has previously received similar accolades for its services in Canada and the UK, reinforcing its reputation as a leader in multicloud technology solutions.

Rackspace Technology (NASDAQ: RXT) was awarded the 2020 Google Cloud Breakthrough North America Partner of the Year for successful IT migrations to Google Cloud. The company assisted clients like GoHenry, which doubled its customer base to one million after migrating 99% of its services, and Mrs. T’s Pierogies, which achieved a 60% acceleration in transactions. Additionally, Eagle Eye AIR's migration led to a 30% improvement in transaction speed. Rackspace highlights its commitment to driving innovative solutions and growth for its customers through strategic partnerships with Google Cloud.

Rackspace Technology (NASDAQ: RXT) has launched Rackspace Elastic Engineering for VMware, a new service designed to support cloud transformation. This offering aims to enhance orchestration, automation, and tooling for VMware multi-cloud computing. It helps organizations overcome challenges like the IT skills gap and limited partner support. Customers can benefit from flexible operational costs, on-demand expert access, and a dedicated team tailored to their needs. This initiative is part of Rackspace's broader Elastic Engineering solutions portfolio.

Rackspace Technology (RXT) reported record revenue of $763 million for Q3 2021, marking a 12% increase year-over-year. Core revenue grew 15% to $718 million. The company experienced a net loss of $(35) million, or $(0.17) per diluted share, an improvement from last year's net loss of $(101) million. Non-GAAP EPS rose 32% to $0.25. Operating cash flow reached $102 million. Despite a 36% decline in bookings to $200 million, Rackspace anticipates achieving its $1 billion bookings target for fiscal 2021. Financial guidance for Q4 indicates revenue between $766 million and $776 million.

Rackspace Technology (NASDAQ: RXT) has been recognized as a Top 15 Sourcing Standout by Information Services Group (ISG) for the third quarter of 2021. The company ranked among leaders in the Breakthrough 15 category based on annual contract value (ACV) won over the past year. This acknowledgment reflects Rackspace's strong market position in multicloud technology solutions, which includes infrastructure as a service (IaaS) and software as a service (SaaS). ISG's Index is a comprehensive source for global technology market data.