Rackspace Technology, Inc. - RXT STOCK NEWS

Rackspace Technology (NASDAQ: RXT) has collaborated with CAS, a division of the American Chemical Society, to modernize its OpenStack Private Cloud. This upgrade enhances CAS's ability to provide scientific innovators with access to cutting-edge, lifesaving research in chemistry and life sciences. The project focused on improving resiliency, reliability, and functionality of CAS's private cloud infrastructure.

Key achievements include:

• A Minimal Viable Product (MVP) upgrade that advanced CAS through several OpenStack versions with zero downtime
• Management of three important OpenStack environments: development, non-production, and production
• Enhanced support for CAS's new life sciences product line, the CAS BioFinder Discovery Platform™

This collaboration has resulted in cost savings, system optimization, and improved consistency for CAS's mission-critical cloud environment.

Rackspace Technology (NASDAQ: RXT) has unveiled Rackspace Lab Services (RLS), a cloud SaaS solution that transforms training, testing, and demonstration environments globally. RLS combines Broadcom VMware Lab Platform with Rackspace SDDC Flex to offer an on-demand, consumption-based service for simulating complex real-world environments.

Key features include flexible distance learning, experiential learning, scalability, and LTI integration. Benefits range from fully maintained virtual lab environments to enhanced revenue opportunities. RLS aims to accelerate project timelines, facilitate quicker innovation, and provide a competitive advantage for companies.

The service is now available globally as an on-demand, pay-for-use solution, setting a new standard for workforce empowerment, sales facilitation, and application testing.

Rackspace Technology has launched Rackspace OpenStack Enterprise, a fully-managed, enterprise-ready cloud solution built to ensure critical workloads are secure, efficient, and perform at scale. This move reaffirms Rackspace's long-standing commitment to OpenStack and open-source principles.

Key points:

• Rackspace aims to provide cost-effective, flexible cloud alternatives with high control
• The company has contributed over 5.6 million lines of code to OpenStack
• Rackspace has over one billion server hours of experience operating OpenStack clouds
• The new offering addresses security, compliance, cost efficiency, and application modernization needs
• CAS, a division of the American Chemical Society, partnered with Rackspace to modernize its OpenStack Private Cloud

This launch builds on Rackspace's heritage of open-source leadership and development, empowering businesses to prioritize innovation over infrastructure.

Rackspace Technology (NASDAQ: RXT) has partnered with TrueData, a leader in independent omnichannel identity resolution, to achieve significant cloud cost reduction on AWS. Rackspace implemented Optimizer+ for TrueData, providing enhanced visibility into cloud spending and cost optimization strategies. The collaboration resulted in TrueData reducing its monthly cloud expenses by approximately 85% while expanding capabilities.

Key achievements include:

• Shifting to more cost-effective EC2 instances
• Optimizing AWS EBS and S3 storage
• Migrating from a third-party data warehouse to a fully AWS-based solution
• Improving resource use through Spot Instances

This partnership allows TrueData to focus on its core product offerings while Rackspace manages cloud cost optimization, positioning the company for future innovation and growth.

Rackspace Technology (Nasdaq: RXT) reported its Q2 2024 results, showing a revenue decline of 8% year-over-year to $685 million. Private Cloud revenue decreased by 17% to $260 million, while Public Cloud revenue fell 2% to $425 million. Despite the revenue drop, the company saw improvements in profitability, with a net income of $25 million compared to a net loss of $27 million in Q2 2023. Earnings per diluted share were $0.11, up from a loss of $0.13 per share last year. However, Non-GAAP Operating Profit decreased by 42% to $23 million. The company provided Q3 2024 guidance, projecting total revenue between $668-$680 million and a Non-GAAP Loss Per Share of $(0.06) - $(0.08).

Rackspace Technology (NASDAQ: RXT), a leading provider of hybrid multicloud and AI solutions, has announced it will release its second quarter 2024 financial results on Thursday, August 8, 2024, after market close. The company will host a conference call on the same day at 5:00 PM EDT to discuss the results.

Key details for the earnings call include:

• CEO Amar Maletira and CFO Mark Marino will lead the discussion
• Toll-free number for USA & Canada: (800) 715-9871
• International toll number: (646) 307-1963
• Conference ID: 4653491

Investors can access the live webcast or replay on Rackspace's IR website.

Rackspace Technology announced that Basware, a leading provider of accounts payable automation solutions, has successfully leveraged AI to enhance its Extract, Transform, Load (ETL) coding process. Basware partnered with Rackspace to experiment with training code-generating language models using Amazon Bedrock and AWS. This collaboration aimed to accelerate customer onboarding and time to value.

Basware's proprietary language, AnyERP, was fine-tuned into an AI model to generate code snippets based on natural language queries. The project improved AI accuracy in generating ETL code from 60% to 90%. This innovation enables Basware to accelerate time to value for customers by 50%, allowing them to focus more on business operations rather than technology implementation.

Rackspace Technology (NASDAQ: RXT) has been named a Major Player in the IDC MarketScape: Worldwide Cloud Professional Services 2024 Vendor Assessment. This recognition highlights Rackspace's holistic approach to cloud strategy and implementation expertise, reflecting its capabilities in managing clients' cloud operations for over 15 years. The IDC MarketScape report praises Rackspace's Elastic Engineering capabilities, which align with clients' needs for cloud migration and modernization, and emphasizes its workload-aware focus on business outcomes. CEO Amar Maletira stated that this distinction underscores Rackspace's flexible operating model and comprehensive cloud service offerings.

Rackspace Technology has announced a strategic partnership with Mendix, a leader in low-code application development, to enhance its Rapid Application Development (RAD) offering. This collaboration integrates Mendix's low-code platform with Rackspace's managed support for both public and private cloud environments. It enables access to major cloud providers and leverages Rackspace's AI capabilities through Foundry for AI (FAIR). The partnership aims to accelerate digital transformation for businesses of all sizes, offering flexibility, scalability, and security. Rackspace will provide Mendix's customers with managed services, while Mendix will gain access to Rackspace's extensive market reach in SMB and enterprise sectors across 120 countries.