Rackspace Technology, Inc. Stock Price, News & Analysis

Rackspace Technology (NASDAQ: RXT) announced $65-$70 million in new investments aimed at enhancing its cloud services and aligning resources with growth initiatives. These investments are expected to be funded by $95-$100 million in gross cost savings through enhanced automation and restructuring. The company revised its second-quarter financial guidance, projecting revenues of $741-$744 million and a non-GAAP EPS of $0.22 to $0.24. Additionally, second-quarter bookings are anticipated to reach around $258 million, marking a 6% increase over Q1 2021.

Rackspace Technology (NASDAQ: RXT) will announce its Q2 2021 financial results on August 11, 2021, after market close. CEO Kevin Jones and CFO Amar Maletira will conduct a conference call at 5:00 PM ET to discuss these results. Investors can access the call via Zoom or telephone. An audio replay will also be available on the company’s website. Rackspace specializes in multicloud technology services, helping customers with their cloud environments across various technology platforms.

Rackspace Technology (NASDAQ: RXT) has partnered with Zeotap to enhance network infrastructure and optimize processes. This collaboration has led to a 40% increase in product delivery speed and an 80% reduction in operational load. Zeotap, requiring support due to rapid growth, migrated to Google Cloud Platform to handle extensive data and numerous pipelines. Rackspace implemented a 24/7 support ecosystem and focused on operational streamlining, ensuring compliance and best practices. These improvements are expected to create a more predictable business operation for Zeotap.

Rackspace Technology (NASDAQ: RXT) announced the Solve Conference 2021 for August 3-4, focusing on immediate business technology solutions. The event includes a free pre-conference for technical skill improvement, featuring certification courses and cybersecurity training. Keynote speakers include Bernard Marr discussing technology trends and Guy Kawasaki on innovation strategies. The conference aims to address common operational challenges and provide actionable insights for businesses using current technology, aligning with the theme Real Technology Solutions, Today.

Rackspace Technology (NASDAQ: RXT) has partnered with iPensions Group to deliver private cloud infrastructure and security solutions, enhancing the latter's technology capabilities in the Self-Invested Personal Pensions (SIPP) market. This collaboration aims to support iPensions’ growth and innovation in digital services, ensuring robust and scalable solutions for their clients. iPensions Group selected Rackspace for its reputation and 24/7 support, which allows them to focus on developing digital solutions to meet customer demands.

Rackspace Technology (NASDAQ: RXT) announced enhancements to its Cloud Native Development (CND) Professional Services aimed at helping customers build modern applications. These capabilities range from ideation and user experience design to development and deployment, leveraging two decades of industry expertise. Rackspace's CND services support migrations from legacy systems to cloud-native environments, aiming to improve efficiency and reduce costs. A notable customer use case involves Innovyze, which partnered with Rackspace to develop a cloud-based SaaS solution, Info360.com, successfully addressing the real-time operational needs of utilities.

Rackspace Technology (NASDAQ: RXT) has announced the successful migration of BFC Group Holdings' core applications to Amazon Web Services (AWS). This strategic shift enables BFC to enhance digital service delivery, eliminating the complexities of in-house data management. The transition resulted in improved performance metrics, including transaction processing speed and system uptime, which increased from 99.95% to 99.99%. BFC aims to leverage this robust platform to further its digital transformation efforts.

Rackspace Technology (NASDAQ: RXT) will host a webinar titled Putting the Customer at the Center of Digital Transformation on June 29 at 10:00 am CT. The session aims to educate organizations on adapting to evolving customer experiences through digital transformation.

Industry analyst Jaimy Szymanski will present key principles, challenges, and strategies for enhancing customer engagement and innovation. A panel discussion will follow, featuring Rackspace and Dell Technologies executives, focusing on agility and modernization in customer experience.