Rackspace Technology, Inc. - RXT STOCK NEWS

Rackspace Technology (NASDAQ: RXT) celebrates the first anniversary of its Foundry for AI by Rackspace (FAIR) initiative. In its inaugural year, FAIR has successfully implemented AI solutions in over 40 companies across various sectors, including finance, real estate, education, and government. The program has secured multiple certifications on Microsoft Azure, AWS, and Google Cloud.

Key milestones include the FAIR Learn program, which saw over 95% of employees achieve AI-ready certification, and the launch of AI tools like Rackspace ICE and RITA to enhance productivity and compliance. FAIR has also developed an AI-optimized private cloud platform powered by NVIDIA. Notable client deployments include solutions for GLP Capital Partners and Straits Interactive.

Rackspace aims to continue driving AI innovation, focusing on responsible AI practices and expanding partnerships with leading cloud providers.

On June 12, 2024, Rackspace Technology (NASDAQ: RXT) announced its recognition as a Leader in the Frost Radar for Healthcare Enterprise Cloud Managed Service Providers, 2024. Frost & Sullivan evaluated over 150 global managed cloud service providers, selecting 13 based on growth potential and innovation. Rackspace was highlighted for its top-tier services in infrastructure, IT performance, application and service management, cybersecurity, data management, and process optimization.

Rackspace's Healthcare private cloud offers secure storage, processing, sharing, and analysis of clinical information. In 2023, Rackspace introduced several key services, including Rackspace Managed Cloud (RMC), Rackspace Intelligent Co-workers for the Enterprise (ICE), and a Hosted Private Cloud Generative AI Solution in collaboration with Dell and NVIDIA. The company also received the IoT Innovators Award from CRN in November 2023.

Rackspace continues to innovate in AI, edge computing, and cybersecurity, supporting mission-critical applications like Epic in the cloud. Its strategic partnerships and diversification into emerging technologies position it for growth in the global market.

Rackspace Technology (NASDAQ: RXT) announced the successful migration of Sharestates' infrastructure to Amazon Web Services (AWS), enhancing user experience and operational performance. This move modernized Sharestates' infrastructure, improving security, efficiency, scalability, and customer experience. The migration, completed over a weekend using AWS's Landing Zone Accelerator, allowed for a seamless transition without downtime. Key benefits include faster user interface experience, improved internal reporting, faster borrower processing speed, enhanced web application performance, and improved banking transfer speeds. Sharestates, an online marketplace for real estate lending solutions, has funded over $3 billion in projects since 2014.

Rackspace Technology (NASDAQ: RXT) collaborates with Young Hollywood to revolutionize its video content management using Google Cloud solutions. This partnership has significantly enhanced video processing speed, data accessibility, and monetization opportunities. By implementing the Google Cloud Video Intelligence API, Young Hollywood can now process videos ten times faster and access rich metadata for improved searchability and analysis. The migration included over 5,000 video files and optimized the infrastructure for better AI utilization. The collaboration aims to explore further enhancements in search functionalities and monetization strategies.

Rackspace Technology (NASDAQ: RXT) has been named Dell Technologies Global Alliances Service Provider of the Year, Americas. This recognition highlights Rackspace's leadership in end-to-end, hybrid multicloud, and AI solutions. The award celebrates the successful collaboration between Rackspace and Dell, offering integrated solutions that address business and IT challenges, driving digital transformation, and providing value to customers. Adrianna Bustamante, VP of Private Cloud Partnerships, emphasized that this accolade underscores their efforts in hybrid multicloud, healthcare, and AI, enabling cost reductions, data control improvements, and new AI use cases while ensuring compliance and security.

Rackspace Technology (NASDAQ: RXT) announced that Seattle Children's has successfully implemented its Epic Electronic Health Records (EHR) system using Rackspace’s Healthcare Cloud solution.

This decision followed a thorough evaluation of cloud service providers, leading to Rackspace's selection for managing migrations and providing fully managed private cloud infrastructure services for Epic.

The collaboration involves SLA-backed managed services, a predictable cost model, and expandability for growth, enabling improved patient care and optimized business operations.

Rackspace's role includes seamless migration and support for Epic infrastructure, facilitating better patient care coordination and data management.

Rackspace Technology reported first quarter 2024 results with revenue of $691 million, down 9% year-over-year. Private Cloud revenue was $268 million, down 15% year-over-year, while Public Cloud revenue was $422 million, down 5% year-over-year. The company achieved results above the high-end of guidance for revenue, operating profit, and EPS. However, there was a loss from operations of $(653) million, with non-GAAP Operating Profit decreasing by 68% to $16 million. The company aims to position itself for consistent revenue and profit growth in 2024.