Business
Rackspace Technology Reports Second Quarter 2023 Results
Revenue of $746 million in the Second Quarter, down 3% Year-over-YearPublic Cloud Revenue grew 3% Year-over-Year to $435 millionPrivate Cloud Revenue was $311
About this update from Rackspace Technology, Inc.
[{"type":"text","content":"Revenue of $746 million in the Second Quarter, down 3% Year-over-YearPublic Cloud Revenue grew 3% Year-over-Year to $435 millionPrivate Cloud Revenue was $311 million, down 11% Year-over-YearSecond Quarter 2023 Cash Flow from Operating Activities was $38 million; Cash Flow From Operating Activities was $134 million on a Trailing-Twelve-Month Basis SAN ANTONIO, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Rackspace Technology, Inc. (Nasdaq: RXT), a leading end-to-end multicloud technology solutions company, today announced results for its second quarter ended June 30, 2023. Amar Maletira, Chief Executive Officer, stated, “I am pleased that we exceeded guidance in the second quarter for both revenue and EPS. We are already seeing the benefits of organizing into two separate business units with early signs of progress achieved to date.” Mr. Maletira added, “In June, we launched Foundry for AI by Rackspace (FAIR™), a global spin up dedicated to accelerating the adoption of generative AI solutions across all industries. This is an exciting opportunity where we are leveraging our existing offerings and capabilities to help customers benefit from this revolutionary technology.” Second Quarter 2023 Results Revenue was $746 million in the second quarter of 2023, a decrease of 3% on both a reported and constant currency basis as compared to revenue of $772 million in the second quarter of 2022. Public Cloud revenue was $435 million in the second quarter of 2023, an increase of 3% on both a reported and constant currency basis as compared to revenue of $422 million in the second quarter of 2022. Private Cloud revenue was $311 million in the second quarter of 2023, a decrease of 11% on both a reported and constant currency basis as compared to revenue of $350 million in the second quarter of 2022. Loss from operations was $(64) million in the second quarter of 2023, compared to income from operations of $4 million in the second quarter of 2022. Net loss was $(27) million in the second quarter of 2023, compared to net loss of $(41) million in the second quarter of 2022. Net loss per diluted share was $(0.13) in the second quarter of 2023, compared to net loss per diluted share of $(0.19) in the second quarter of 2022. Non-GAAP Operating Profit was $39 million in the second quarter of 2023, a decrease of 60% compared to $99 million in the second quarter...