Rackspace Technology Reports Fourth Quarter and Full Year 2024 Results

Core Insights - Rackspace Technology, Inc. reported its fourth quarter and full year results for 2024, highlighting a decline in revenue and increased net losses compared to the previous year [1][2][7]. Financial Performance - Fourth quarter revenue was $686 million, a decrease of 5% from$ 720 million in Q4 2023 [3][9]. - Full year revenue totaled $2,737 million, down 7% from$ 2,957 million in 2023 [7][22]. - Private Cloud revenue for Q4 2024 was $269 million, a decrease of 6% year-over-year, while full year revenue was$ 1,055 million, down 13% [3][7]. - Public Cloud revenue for Q4 2024 was $417 million, a decrease of 4% year-over-year, with full year revenue at$ 1,683 million, down 3% [4][8]. Profitability Metrics - The company reported a loss from operations of $(29) million in Q4 2024, compared to a loss of$ (15) million in Q4 2023 [4][9]. - Net loss for Q4 2024 was $(60) million, compared to net income of$ 28 million in Q4 2023 [4][5]. - Non-GAAP Operating Profit for Q4 2024 was $39 million, a decrease of 13% from$ 45 million in Q4 2023 [5][10]. Capital Expenditures - Capital expenditures in Q4 2024 were $27 million, down from$ 38 million in Q4 2023 [6][11]. Guidance for Future Performance - For Q1 2025, the company provided revenue guidance of $653 -$ 665 million, with Private Cloud revenue expected between $247 -$ 253 million and Public Cloud revenue between $406 -$ 412 million [12].