Business
Rackspace Technology Reports Second Quarter 2024 Results
Revenue of $685 million in the Second Quarter, down 8% Year-over-YearPrivate Cloud Revenue was $260 million, down 17% Year-over-YearPublic Cloud Revenue was
About this update from Rackspace Technology, Inc.
[{"type":"text","content":"Revenue of $685 million in the Second Quarter, down 8% Year-over-YearPrivate Cloud Revenue was $260 million, down 17% Year-over-YearPublic Cloud Revenue was $425 million, down 2% Year-over-YearSecond Quarter 2024 Cash Flow From Operating Activities was $24 million; Cash Flow From Operating Activities was $273 million on a Trailing-Twelve-Month Basis SAN ANTONIO, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Rackspace Technology, Inc. (Nasdaq: RXT), a leading end-to-end, hybrid, multicloud, and AI solutions company, today announced results for its second quarter ended June 30, 2024. Amar Maletira, Chief Executive Officer, stated, “Our second quarter financial results once again exceeded guidance for revenue, operating profit, and EPS. We are focused on strengthening our pipeline in both Private and Public Cloud, stabilizing and growing revenue and profit while continuing to drive cost efficiencies. We are pleased with the steady progress on all fronts.” Second Quarter 2024 Results Revenue was $685 million in the second quarter of 2024, a decrease of 8% on a reported and constant currency basis as compared to revenue of $746 million in the second quarter of 2023. Private Cloud revenue was $260 million in the second quarter of 2024, a decrease of 17% on a reported and constant currency basis as compared to revenue of $313 million in the second quarter of 2023. Public Cloud revenue was $425 million in the second quarter of 2024, a decrease of 2% on a reported and constant currency basis compared to revenue of $434 million in the second quarter of 2023. Loss from operations was $(54) million in the second quarter of 2024, compared to loss from operations of $(64) million in the second quarter of 2023. Net income was $25 million in the second quarter of 2024, compared to net loss of $(27) million in the second quarter of 2023. Net earnings per diluted share was $0.11 in the second quarter of 2024, compared to net loss per diluted share of $(0.13) in the second quarter of 2023. Non-GAAP Operating Profit was $23 million in the second quarter of 2024, a decrease of 42% compared to $39 million in the second quarter of 2023. Non-GAAP Loss Per Share was $(0.08) in the second quarter of 2024, a decrease of 33% as compared to Non-GAAP Loss Per Share of $(0.06) in the second quarter of 2023. Capital expenditures were $33 million in the second quarter of 2...