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. (RXT) is a leading provider of end-to-end, hybrid, multi-cloud technology services. The company specializes in designing, building, and operating its customers' cloud environments across all major technology platforms, including OpenStack, Microsoft, and VMware. Rackspace offers a comprehensive suite of solutions categorized into Application Services, Data, Colocation, Cloud, Managed Hosting, Professional Services, and Security & Compliance. This diverse service portfolio enables businesses to leverage cloud computing without the complexity and cost of managing IT infrastructure and applications independently.
Serving over 300,000 customers globally, including two-thirds of the Fortune 100, Rackspace is renowned for its Fanatical Support®—a results-driven service that emphasizes customer success. The company's expertise is further validated by its recognition as a leader in the Gartner Magic Quadrant for Cloud-Enabled Managed Hosting and its repeated inclusion in Fortune’s list of best companies to work for.
Rackspace is constantly innovating, as evidenced by its partnership with Google Cloud to showcase generative AI services and solutions. Their Foundry for AI by Rackspace (FAIR) initiative is dedicated to advancing business transformation and improving customer experiences through responsible AI technologies. FAIR has identified over 500 AI use cases and is actively working on industry-leading implementations worldwide.
Recent advancements include the integration of a Generative AI-enabled intelligent system with Microsoft Azure OpenAI Service, significantly enhancing data retrieval and business insights capabilities. Additionally, Rackspace has collaborated with healthcare organizations like Seattle Children's to manage critical workloads, ensuring improved patient care and optimized operations.
Rackspace's commitment to innovation extends to ethical AI practices, as demonstrated by their partnership with OhioX to promote responsible AI adoption and drive economic growth in Ohio. The company’s broad expertise and strategic partnerships enable it to support a wide array of industries, helping them modernize applications and adopt cutting-edge technologies.
For more information, visit www.rackspace.com.
Rackspace Technology (NASDAQ: RXT) announced a successful migration of Rancho Valencia's email server to Microsoft 365, enhancing customer service and optimizing infrastructure. The upgrade improved performance by 30%, leading to a faster, more secure email experience. Rancho Valencia, a Forbes Travel Guide Five-Star resort, boosts its guest engagement and revenue potential through technology application at customer touchpoints. The collaboration with Rackspace not only saved costs but also increased stability and compliance in its operations.
Rackspace Technology (NASDAQ: RXT) announced enhancements to the QX Partner Portal, designed to help game developers and publishers manage rewards for gamers. This strategic collaboration with Onica includes building a streaming data processing system and a robust CI/CD pipeline. The QX platform tracks digital asset rewards that gamers can redeem for cash, increasing revenue for publishers while improving gameplay experiences. This initiative is a significant step for QX as it aims to raise additional funding and launch its product effectively.
Rackspace Technology (NASDAQ: RXT) announced the launch of Rackspace Elastic Engineering for Government aimed at enhancing cloud capabilities for government entities. The service aligns with the National Institute of Standards and Technology's essential cloud characteristics, providing access to specialized teams and rapid resource scalability. This offering allows government organizations to quickly address their cloud needs without extensive planning. With over 20 years of experience in government compliance, Rackspace aims to support entities at various levels including federal, state, and educational sectors.
Rackspace Technology (Nasdaq: RXT) reported a 7% increase in revenue, totaling $776 million for Q1 2022, driven by new customer acquisitions. Core revenue rose by 9% to $735 million. Despite these gains, the company incurred a net loss of $(39) million, an improvement from $(64) million in Q1 2021. Non-GAAP operating profit decreased by 6% to $112 million. Facing potential strategic shifts after a recent review, Rackspace is optimistic about its growth trajectory amid the expanding cloud market.
Rackspace Technology (NASDAQ: RXT) has joined NVIDIA's DGX-Ready Managed Services program, allowing enterprises to leverage NVIDIA DGX systems without managing their infrastructure. This partnership aims to meet the growing demand for AI solutions by providing fully managed IT services optimized for AI development. Rackspace will assist organizations in deploying machine learning initiatives more efficiently, focusing on maximizing the value from their data. With this collaboration, the company enhances its capabilities in cloud services and support for enterprise AI adoption.
Rackspace Technology (NASDAQ: RXT) has been recognized as a Top 15 Sourcing Standout by Information Services Group (ISG) for the fifth consecutive quarter. This accolade highlights its performance in the Breakthrough 15 category based on annual contract value over the last year. The ISG Index™ reviews the sourcing industry, categorizing providers by revenue. Rackspace's CEO noted their commitment to delivering exceptional support and innovative solutions, including the new Rackspace Data Freedom storage service, aimed at enhancing customer cloud investment management.
Rackspace Technology (NASDAQ: RXT) will announce its Q1 2022 financial results on May 10, 2022, post-market close. The announcement will be followed by a conference call at 5:00 PM ET, led by CEO Kevin Jones and CFO Amar Maletira, to discuss the results. Interested parties can join via Zoom or telephone, with details provided in the announcement. An audio replay will be available on the company's website shortly after. Rackspace Technology specializes in multicloud technology services and assists customers in managing cloud environments.
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