Rackspace Technology, Inc. - RXT STOCK NEWS

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.

Rackspace Technology, a leading hybrid multicloud and AI solutions company, will announce its first quarter 2024 financial results on May 9, 2024. The CEO and CFO will host a conference call to discuss the results. Interested parties can access the webcast or dial-in for the call through the provided links.

Rackspace Technology partners with OhioX to accelerate responsible AI adoption in Ohio. FAIR collaborates with OhioX to promote ethical AI practices, foster innovation, and drive economic growth in the state. The partnership includes exclusive events and discussions to advance AI adoption in Ohio.

Rackspace Technology announces the final results of the exchange offer for its 3.50% First-Priority Senior Secured Notes due 2028. The offer involved exchanging Existing Secured Notes for new Exchange Notes and canceling certain notes for cash. The New Issuer received $138,427,000 in aggregate principal amount of Existing Secured Notes, representing 75.9% of the total outstanding notes.