Rackspace Technology Inc
NASDAQ:RXT
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Rackspace Technology Inc
Rackspace Technology, Inc. engages in the provision of end-to-end multi-cloud technology services. The company is headquartered in San Antonio, Texas and currently employs 6,600 full-time employees. The company went IPO on 2020-08-05. The firm designs, builds and operates cloud environments across technology platforms. The firm operates through three segments: Multicloud Services, Apps & Cross Platform, and OpenStack Public Cloud. Its Multicloud Services segment includes its multicloud services offerings, as well as professional services related to designing and building multicloud solutions and cloud-native applications. Its Apps & Cross Platform segment includes managed applications, managed security and data services, as well as professional services related to designing and implementing application, security and data services. Its OpenStack Public Cloud segment enables to run applications on a public cloud that is built on open-source technology. The company also enables public cloud and managed hosting platforms to work, through technologies such as RackConnect tool.
Rackspace Technology, Inc. engages in the provision of end-to-end multi-cloud technology services. The company is headquartered in San Antonio, Texas and currently employs 6,600 full-time employees. The company went IPO on 2020-08-05. The firm designs, builds and operates cloud environments across technology platforms. The firm operates through three segments: Multicloud Services, Apps & Cross Platform, and OpenStack Public Cloud. Its Multicloud Services segment includes its multicloud services offerings, as well as professional services related to designing and building multicloud solutions and cloud-native applications. Its Apps & Cross Platform segment includes managed applications, managed security and data services, as well as professional services related to designing and implementing application, security and data services. Its OpenStack Public Cloud segment enables to run applications on a public cloud that is built on open-source technology. The company also enables public cloud and managed hosting platforms to work, through technologies such as RackConnect tool.
Quarter Met Expectations: Rackspace's Q3 results met or exceeded the midpoint of guidance for revenue, operating profit, and EPS.
Revenue: Total GAAP revenue was $671 million, up 1% sequentially but down 1% year-over-year, coming in above the midpoint of guidance.
Segment Performance: Private Cloud revenue was $250 million, meeting guidance but down 3% year-over-year, while Public Cloud revenue was $422 million, above guidance and up 1% year-over-year.
Profitability: Non-GAAP operating profit was $32 million, at the high end of guidance and up 17% sequentially due to cost efficiencies.
Bookings Growth: Annual contract value bookings grew 5% year-over-year, with momentum driven by Private Cloud.
AI and Innovation: Management emphasized new AI offerings and recent product launches, including AI LaunchPad and solutions for healthcare and financial services.
Q4 Guidance: Q4 GAAP revenue is expected between $664 million and $678 million, flat sequentially and down 2% year-over-year at the midpoint.
