Rackspace Technology, Inc. ( (RXT) ) has released its Q4 earnings. Here is a breakdown of the information Rackspace Technology, Inc. presented to its investors.
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Rackspace Technology, Inc. is a leading provider of hybrid cloud and AI solutions, assisting clients in designing, building, and managing cloud environments across major technology platforms. In its latest earnings report, Rackspace Technology announced a decrease in revenue, with the fourth quarter of 2024 generating $686 million, down 5% year-over-year, and the full year revenue at $2,737 million, a 7% decline from 2023. The company reported a net loss of $60 million in the fourth quarter and $863 million for the full year 2024. Despite the decline in revenue and net income, the company achieved record-breaking quarterly sales bookings and a 14% increase in fiscal 2024 bookings, highlighting strong sales execution. Looking forward, Rackspace Technology remains optimistic about accelerating progress in 2025, supported by its strategic priorities of operational turnaround, innovation, and capital structure optimization.
