Rackspace Technology, Inc. - RXT STOCK NEWS

Rackspace Technology reported Q3 2022 revenue of $788 million, a 3% year-over-year increase, with core revenue up 5% to $751 million. Operating cash flow was $71 million. However, the firm experienced $405 million in goodwill impairment and a net loss of $512 million versus a $35 million loss in Q3 2021. Non-GAAP earnings per share declined 60% to $0.10. The company expects Q4 revenue to be between $772 million and $782 million.

Rackspace Technology (NASDAQ: RXT) will release its Q3 2022 financial results after the market closes on November 9, 2022. CEO Amar Maletira will host a conference call at 5:00 PM ET on the same day to discuss the results. Interested parties can access the call via the company’s IR website. A replay of the call will also be available there.

Rackspace Technology specializes in end-to-end multicloud technology services.

Rackspace Technology (NASDAQ: RXT) has launched a dedicated cybersecurity microsite in honor of National Cybersecurity Awareness Month, aimed at helping organizations strengthen their security measures in the evolving cloud landscape. The site addresses the gap in cloud security investments as enterprises migrate workloads. A recent survey highlights that only 21.8% of IT leaders utilize cloud-centric security tools. Rackspace aims to assist customers by providing various security solutions including cloud security assessments and zero trust architecture.

Rackspace Technology (NASDAQ: RXT) celebrates the launch of AWS's second Middle East Region in the UAE, which consists of three Availability Zones. This new region enhances digital transformation and innovation in the UAE, providing organizations with greater options for running applications locally. Rackspace, a Premier Consulting Partner for AWS, has over 1,800 AWS cloud certifications globally and supports clients like BFC Group in migrating to AWS. The new region will facilitate data residency and lower latency for local customers, strengthening Rackspace's presence in the Middle East.

Rackspace Technology (NASDAQ: RXT) has appointed Amar Maletira as the new CEO, effective immediately. Previously serving as President and CFO, Maletira is credited with shaping the company's strategic direction. The company's board believes his leadership will enhance the execution of its new strategy. Additionally, Rackspace anticipates third quarter 2022 revenues between $769-$779 million. Financial results will be disclosed in November, followed by a conference call for investors on September 26, 2022.

Rackspace Technology (NASDAQ: RXT) has implemented a private cloud managed services solution for Hoteles City, enhancing its infrastructure and guest experience. This partnership, ongoing for over seven years, enables Hoteles City to address evolving customer expectations in the hospitality sector with a focus on personalized experiences. The new VMware-based platform will allow the hotel chain to optimize operations and reliability. This move is critical as hospitality organizations increasingly leverage cloud technology to boost customer satisfaction.

Rackspace Technology (NASDAQ: RXT) has been recognized as a leader in cybersecurity solutions for midmarket customers by the ISG Provider Lens™ report. The report highlights Rackspace's integrated security solutions, which combine advanced in-house technology with superior threat detection and remediation capabilities. The evolution of the cybersecurity landscape has led enterprises to favor comprehensive managed services over fragmented solutions. As businesses reassess their security strategies amid growing cyber threats and digital transformation, Rackspace emphasizes its commitment to enhancing security for its clients through innovation.