The S.A.-based cloud computing company's quarterly revenue dropped 9% year-over-year while annual revenue slid 5%.
Rackspace Technology Inc. ended its first full year under a new operating structure with a quarterly profit but declining revenue. Its full-year loss widened. In results announced after markets closed Tuesday afternoon, the San Antonio cloud computing company reported fourth-quarter net income of $28 million, swinging to a profit from a net loss of $214 million a year ago. Revenue was $719.7 million, down 9%, but beating analysts’ estimates of $714.7 million.
The company’s private cloud business had revenue of $285 million in the fourth quarter, down 14% from a year earlier. Public cloud revenue was $435 million, down 5%. For the first quarter, Rackspace is forecasting private cloud revenue from $268 million to $273 million and public cloud revenue from $412 million to $417 million. Maletira said the private cloud business is “tracking toward a turnaround in the second half of 2024.
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