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 (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.
Rackspace Technology (NASDAQ: RXT) supports Awaze, Europe's leading managed vacation rentals group, in achieving remarkable growth during a record year. The transition to Amazon Web Services (AWS) has allowed Awaze to handle unprecedented traffic surges, especially following UK's easing of lockdowns. Their investment has led to a 30% reduction in web session costs. With auto-scaling capabilities, Awaze can efficiently manage fluctuating demand, enhancing user experience. The ongoing migration to cloud services promises flexibility and scalability, positioning Awaze for further growth.
Rackspace Technology (NASDAQ: RXT) has achieved the Kubernetes on Microsoft Azure advanced specialization, demonstrating its expertise in managing cloud workloads using container technologies. This distinction is awarded to partners meeting rigorous criteria for customer success and staff qualifications, verified through a third-party audit. As demand for containerized applications rises—over 75% of global organizations are expected to adopt them by 2022—Rackspace positions itself as a leader in helping businesses transition to cloud-native solutions using Azure.
Rackspace Technology (NASDAQ: RXT) announced that it has achieved the Microsoft Azure Virtual Desktop advanced specialization, demonstrating its expertise in deploying and securing virtual desktop infrastructure on Azure. This recognition highlights Rackspace's extensive experience and successful customer engagements, having met rigorous evaluation criteria, including a third-party audit. The advanced specialization underscores Rackspace's capability to support organizations in implementing secure, scalable, and cost-effective virtual desktop solutions as remote work becomes increasingly critical.
Rackspace Technology (NASDAQ: RXT) announced it will release its Q3 2021 financial results after market close on November 15, 2021. CEO Kevin Jones and CFO Amar Maletira will host a conference call the same day at 5:00 PM ET to discuss the results. The call can be accessed via Zoom or telephone, with additional international numbers provided. An audio replay will be available on the company's investor relations website.
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On October 18, 2021, Rackspace Technology (NASDAQ: RXT) announced the appointment of Shashank Samant to its board of directors. With over 30 years of experience in global technology services, Samant currently serves as CEO of GlobalLogic Inc. and previously led initiatives at Ness Technologies and Hewlett-Packard. CEO Kevin Jones expressed confidence in Samant's passion for technology and innovation, indicating his addition will strengthen the board's capabilities and vision for Rackspace Technology.
Rackspace Technology (NASDAQ: RXT) has launched Rackspace Container Enablement, aimed at aiding organizations using Kubernetes containerization platforms. This service allows flexible, on-demand multi-cloud expertise without long-term commitments, addressing development challenges like code management and operational shifts. It includes features like a Managed Platform for Kubernetes, improved economic benefits, and proven operational experience. A recent survey indicates that 62% of companies expect an increase in containerized applications over the next two years.
Rackspace Technology (NASDAQ: RXT) has achieved SAP on Google Cloud Specialization in the Google Cloud Partner Advantage Program, demonstrating its expertise in creating customer solutions that leverage SAP on Google Cloud.
The company successfully migrated Mrs. T’s Pierogies from a legacy SAP system to a modern S/4HANA solution on Google Cloud, resulting in enhanced analytics, accelerated transactions, and improved disaster recovery capabilities.