Rackspace Technology, Inc. Stock Price, News & Analysis

Rackspace Technology (NASDAQ: RXT) has successfully completed its tender offer to repurchase up to $600 million of its 8.625% Senior Notes due 2024. The offer expired on September 9, 2020, with the company purchasing $507.636 million of notes prior to the early tender deadline and an additional $7.32 million by the expiration date. All validly tendered notes will be settled on or about September 11, 2020. This strategic move aims to optimize its debt structure and manage interest obligations effectively.

Rackspace Technology (NASDAQ: RXT) will host its first virtual Solutions Summit on September 10 from 9:00 am – 4:00 pm CT. The event will feature industry experts discussing technology challenges and innovations amid the pandemic. Attendees can expect valuable insights from partners like Forrester Research, AWS, and Salesforce. Rackspace aims to accommodate 2,000 IT professionals, offering networking opportunities and sessions on multicloud and digital experience. This summit supports Rackspace's commitment to helping clients innovate within challenging circumstances.

Rackspace Technology (NASDAQ: RXT) has partnered with GitLab to migrate its GitLab.com offering to Rackspace managed Google Cloud Platform. This transition has resulted in a 1.5x improvement in deployment speed and enhanced service resilience. GitLab is now utilizing various Google Cloud services, such as BigQuery and Cloud SQL, to optimize performance and reduce operational costs. Rackspace, recognized as a Google Cloud Partner of the Year, reaffirms its commitment to aiding companies in digital transformation and cloud-native solutions.

Rackspace Technology (NASDAQ: RXT) recently announced participation in two major investor conferences. CEO Kevin Jones and CFO Dustin Semach will attend Citi’s 2020 Global Technology Conference on September 10, 2020, engaging in a fireside chat at 9:50 AM ET. They will also present at Deutsche Bank’s Technology Conference on September 15, 2020, at 2:00 PM ET. Investors can expect insights into Rackspace’s multicloud technology solutions and future direction. More details are available on the company's Investor Relations website.

Rackspace Technology (NASDAQ: RXT) has partnered with Cando Rail Services to enhance railway IoT data processing using a serverless environment on AWS. This collaboration aims to optimize Cando's digital supply chain platform by implementing best practices for sensor data processing, leading to improved system performance and reduced operational costs. The switch to a serverless architecture has cut data processing time from 90 seconds to under two seconds, allowing Cando to increase deployments and accelerate change cycles, ultimately attracting larger customers.

Rackspace Technology (Nasdaq: RXT) reported second quarter 2020 revenue of $657 million, a 9% increase year-over-year. Bookings reached a record $288 million, up 107% year-over-year. The company experienced a net loss of $33 million, contrasting with a net income of $63 million in the same quarter last year, primarily due to a prior year's equity investment gain. Adjusted EBITDA was $188 million, reflecting a 3% increase. Rackspace expects full-year revenue growth of 9.0% - 10.0% in constant currency.

Rackspace Technology (NASDAQ: RXT) announced a partnership with UC Irvine, Scientific Systems Company, and Plan4Co to enhance COVID-19 forecasting models using Amazon Forecast. This collaboration aims to improve predictions related to hospital needs and disease trends. The project features two innovations: COVID DSAFE for weekly operational forecasts at various levels and COVID PrivyTRAC for secure contact tracing. The initiative leverages advanced machine learning and data processing capabilities on AWS, demonstrating significant accuracy improvements over traditional forecasting methods.

Rackspace Technology (NASDAQ:RXT) has enhanced its partnership with Eagle Eye by migrating its digital marketing platform, Eagle Eye AIR, to Google Cloud. This transition led to a 30% improvement in point of sales transaction speeds. The updated platform allows real-time management of promotions for retailers, critical during the COVID-19 pandemic. Eagle Eye also reported a 40% decrease in support calls after adopting a cloud-native IT model. The collaboration supports Eagle Eye's global growth ambitions, including new clients in the US and New Zealand, as they aim for a fully cloud-native operation.

Rackspace Technology (NASDAQ: RXT) announced significant developments from its ongoing partnership with Pure Storage (NYSE: PSTG). This partnership positions Rackspace as the largest global Managed Service Provider member of the Pure Partner Program. Through the collaboration, Rackspace will enhance its multicloud offerings, enabling customers to optimize IT investments and seamlessly migrate critical workloads to its infrastructure. The Pure Evergreen Storage model further supports customers in modernizing applications and managing data across hybrid-cloud environments with low latency and high performance.