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Sep 30, 2024
Rackspace Q3 2024 Earnings Report
Reported a revenue decrease of 8% year-over-year, with public cloud revenue down 3% and private cloud revenue down 14%.
Key Takeaways
Rackspace Technology reported a revenue of $676 million for Q3 2024, an 8% decrease compared to Q3 2023. The company's Q3 results exceeded the midpoint of its guidance for revenue, operating profit, and EPS.
Revenue was $676 million, down 8% year-over-year.
Private Cloud revenue was $258 million, down 14% year-over-year.
Public Cloud revenue was $418 million, down 3% year-over-year.
Cash flow from operating activities was $52 million.
Rackspace
Rackspace
Forward Guidance
Rackspace Technology is providing Q4 2024 revenue guidance between $668 - $680 million, Private Cloud revenue between $258 - $264 million, Public Cloud revenue between $410 - $416 million, Non-GAAP Operating Profit between $34 - $36 million, Non-GAAP Loss Per Share between $(0.03) - $(0.05) million, Non-GAAP Other Income (Expense) between $(47) – $(51) million, Non-GAAP Tax Expense Rate of 26 %, Non-GAAP Weighted Average Shares of 240 million.