Rackspace Technology, Inc. - RXT STOCK NEWS

Rackspace Technology (Nasdaq: RXT) reported a strong third quarter for 2020, with revenues reaching $682 million, up 13% year-over-year. The company achieved record bookings of $315 million, a 64% increase, while adjusted EBITDA was $191 million, maintaining a margin of 28%. Despite a net loss of $101 million or $(0.54) per diluted share, adjusted earnings per share rose 36% to $0.19. Rackspace is raising its full-year guidance, projecting growth in consolidated revenue and core revenue as multicloud adoption accelerates globally.

Rackspace Technology (NASDAQ: RXT) will co-sponsor the Cloud — The Enabler of Innovation virtual event alongside Amazon Web Services and the International Air Transport Association on November 12 at 10:00 am CT. CTO Tolga Tarhan will keynote, discussing the critical role of cloud technology in driving innovation through methodologies like DevOps and cloud-native approaches. A panel will follow, addressing prevalent misconceptions about cloud adoption and its future. The event highlights Rackspace's commitment to advancing cloud solutions for long-term growth.

Rackspace Technology (NASDAQ: RXT) announced a successful collaboration with AutoPets, enhancing their IoT cloud infrastructure for pet care. This partnership, leveraging AWS technology, improved the reliability and scalability of AutoPets' devices, including the Litter-Robot and the upcoming Feeder-Robot. Key achievements include updating IoT firmware in 45 days and optimizing AWS services, which reduced server costs and increased efficiency. AutoPets can now process messaging in batches, relieving previous infrastructure overloads while modernizing their mobile applications for a better user experience.

Rackspace Technology (NASDAQ: RXT) will release its Q3 2020 financial results on November 10, 2020, after market close. CEO Kevin Jones and CFO Dustin Semach will discuss the results in a conference call at 5:00 pm ET the same day. Interested participants can dial in or access the call via live webcast on the company's website. An audio replay will be available post-call until November 17, 2020. Rackspace Technology specializes in multicloud technology services, assisting clients with cloud environments across various platforms.

Rackspace Technology (NASDAQ: RXT) has successfully transitioned Basware's services to the Amazon Web Services (AWS) public cloud, enhancing security and operational efficiency. This collaboration, which began in the early 2000s, has resulted in a dramatic reduction in deployment times for Basware, allowing for multiple testing environments to operate concurrently and decreasing costs by leveraging AWS Spot Instances. Rackspace’s support has been crucial in securing enterprise discounts and ensuring a smooth transition, emphasizing a commitment to ongoing, value-focused customer service.

Rackspace Technology (NASDAQ: RXT) has announced enhanced Internet of Things (IoT) professional services, designed to assist enterprises throughout their IoT journey. These services aim to help businesses develop competitive products, boost operational efficiency, and generate new revenue streams. With over 25 billion connected devices anticipated by 2021, Rackspace’s solutions promise to reduce time and costs associated with launching new initiatives. Key offerings include IoT Accelerator, IoT Production Solutions, and IoT Cloud, all leveraging AWS technologies to accelerate deployment and increase efficiency.

Rackspace Technology (RXT) preannounces a strong Q3 2020, expecting 13-14% year-over-year revenue growth and double-digit Pro-Forma Core Revenue growth. New CFO Amar Maletira, with a proven track record, will join effective November 23. The company anticipates Adjusted EPS of $0.17-$0.19 and Adjusted EBITDA of $189-$191 million. Full-year guidance remains firm, targeting 9-10% revenue growth and 12.5-13.5% Core Revenue growth in constant currency.

Rackspace Technology (NASDAQ: RXT) has announced its management of Relay42’s AWS IT infrastructure, significantly enhancing the AI-driven data business by delivering up to 500,000 personalized data events per second. This collaboration allows Relay42 to improve its data marketing components—speed, latency, and security—vital for its global expansion plans aimed at doubling its European and Asian business in 2021. Moreover, Rackspace optimized Relay42's cloud spend, achieving monthly savings of $8,000 without performance compromise.

Rackspace Technology (NASDAQ: RXT) has announced significant IT transformations for customers including Humber College, Envizi, and Invotra leveraging Amazon Web Services (AWS). Humber College rapidly implemented a production solution on AWS in 10 days, enhancing student access to software. Envizi transitioned smoothly to AWS, achieving operational benefits and cost savings. Invotra managed extensive user data with Rackspace's scalable solution. Rackspace highlights its partnership with AWS, achieving 14 AWS Competency designations and 1,600 AWS Certifications, underscoring its commitment to customer success.