Rackspace Technology, Inc. - RXT STOCK NEWS

Rackspace Technology (NASDAQ: RXT) has partnered with GitLab to migrate its GitLab.com offering to Rackspace managed Google Cloud Platform. This transition has resulted in a 1.5x improvement in deployment speed and enhanced service resilience. GitLab is now utilizing various Google Cloud services, such as BigQuery and Cloud SQL, to optimize performance and reduce operational costs. Rackspace, recognized as a Google Cloud Partner of the Year, reaffirms its commitment to aiding companies in digital transformation and cloud-native solutions.

Rackspace Technology (NASDAQ: RXT) recently announced participation in two major investor conferences. CEO Kevin Jones and CFO Dustin Semach will attend Citi’s 2020 Global Technology Conference on September 10, 2020, engaging in a fireside chat at 9:50 AM ET. They will also present at Deutsche Bank’s Technology Conference on September 15, 2020, at 2:00 PM ET. Investors can expect insights into Rackspace’s multicloud technology solutions and future direction. More details are available on the company's Investor Relations website.

Rackspace Technology (NASDAQ: RXT) has partnered with Cando Rail Services to enhance railway IoT data processing using a serverless environment on AWS. This collaboration aims to optimize Cando's digital supply chain platform by implementing best practices for sensor data processing, leading to improved system performance and reduced operational costs. The switch to a serverless architecture has cut data processing time from 90 seconds to under two seconds, allowing Cando to increase deployments and accelerate change cycles, ultimately attracting larger customers.

Rackspace Technology (Nasdaq: RXT) reported second quarter 2020 revenue of $657 million, a 9% increase year-over-year. Bookings reached a record $288 million, up 107% year-over-year. The company experienced a net loss of $33 million, contrasting with a net income of $63 million in the same quarter last year, primarily due to a prior year's equity investment gain. Adjusted EBITDA was $188 million, reflecting a 3% increase. Rackspace expects full-year revenue growth of 9.0% - 10.0% in constant currency.

Rackspace Technology (NASDAQ: RXT) announced a partnership with UC Irvine, Scientific Systems Company, and Plan4Co to enhance COVID-19 forecasting models using Amazon Forecast. This collaboration aims to improve predictions related to hospital needs and disease trends. The project features two innovations: COVID DSAFE for weekly operational forecasts at various levels and COVID PrivyTRAC for secure contact tracing. The initiative leverages advanced machine learning and data processing capabilities on AWS, demonstrating significant accuracy improvements over traditional forecasting methods.

Rackspace Technology (NASDAQ:RXT) has enhanced its partnership with Eagle Eye by migrating its digital marketing platform, Eagle Eye AIR, to Google Cloud. This transition led to a 30% improvement in point of sales transaction speeds. The updated platform allows real-time management of promotions for retailers, critical during the COVID-19 pandemic. Eagle Eye also reported a 40% decrease in support calls after adopting a cloud-native IT model. The collaboration supports Eagle Eye's global growth ambitions, including new clients in the US and New Zealand, as they aim for a fully cloud-native operation.

Rackspace Technology (NASDAQ: RXT) announced significant developments from its ongoing partnership with Pure Storage (NYSE: PSTG). This partnership positions Rackspace as the largest global Managed Service Provider member of the Pure Partner Program. Through the collaboration, Rackspace will enhance its multicloud offerings, enabling customers to optimize IT investments and seamlessly migrate critical workloads to its infrastructure. The Pure Evergreen Storage model further supports customers in modernizing applications and managing data across hybrid-cloud environments with low latency and high performance.

Rackspace Technology (NASDAQ: RXT) has integrated the Moogsoft AIOps Platform into its Rackspace Fabric, enhancing its multicloud platform with AI and machine learning capabilities. This integration aims to improve incident response times, reduce downtime, and optimize IT operations across cloud environments including AWS, Google Cloud, and Azure. With Rackspace Fabric processing over a billion automated actions monthly, customers will benefit from a streamlined experience in managing complex cloud setups and focus more on innovation rather than troubleshooting.

Rackspace Technology has successfully migrated the Central and North West London NHS Foundation Trust's IT services to a private cloud, facilitating tenfold remote staff access during COVID-19. This transition enhances service delivery for over a third of London's population, allowing 2,000 concurrent users to utilize cloud technology. The project, completed under a tight deadline, offers cost transparency and optimization for CNWL. Looking ahead, Rackspace aims to transition CNWL further to multicloud services, potentially lowering costs and improving service accessibility.