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Sep 30, 2023
Rackspace Q3 2023 Earnings Report
Rackspace Technology's Q3 2023 results were announced, showing a revenue decrease of 7% year-over-year. The company's two-business unit operating model was fully implemented and leadership teams were executing their plans. New offerings were launched across Public Cloud, Private Cloud, and AI, and the industry vertical strategy was generating traction in Private Cloud.
Key Takeaways
Rackspace Technology reported a revenue of $732 million for Q3 2023, a 7% decrease compared to Q3 2022. The company's net loss was $(227) million, and non-GAAP loss per share was $(0.04). Despite the revenue decline, the company is launching new offerings and seeing traction in its industry vertical strategy.
Revenue was $732 million, down 7% year-over-year.
Private Cloud Revenue was $300 million, down 13% year-over-year.
Public Cloud Revenue was $433 million, down 3% year-over-year.
Net loss was $(227) million, compared to net loss of $(512) million in the third quarter of 2022.
Rackspace
Rackspace
Forward Guidance
Rackspace Technology provided the following guidance for Q4 2023: Total Revenue between $710 - $720 million, Private Cloud Revenue between $284 - $289 million, Public Cloud Revenue between $426 - $431 million, Non-GAAP Operating Profit between $46 - $48 million, and Non-GAAP Loss Per Share between $(0.05) - $(0.03).