Net loss per diluted share was $(2.87) in the first quarter of 2023, compared to net loss per diluted share of $(0.18) in the first quarter of 2022. Net loss was $(612) million in the first quarter of 2023, compared to net loss of $(39) million in the first quarter of 2022. Loss from operations was $(581) million in the first quarter of 2023, compared to income from operations of $21 million in the first quarter of 2022. In the first quarter of 2023, we recorded a total of $543 million of non-cash goodwill impairment charges as a result of the January 1 st reallocation of goodwill due to the business unit realignment and the decrease in our market capitalization.
On a constant currency basis, Private Cloud revenue decreased 11% in the first quarter of 2023 as compared to the first quarter of 2022. Private Cloud revenue was $314 million in the first quarter of 2023, a decrease of 12% as compared to revenue of $359 million in the first quarter of 2022. Public Cloud revenue was $445 million in the first quarter of 2023, an increase of 7% on both a reported and constant currency basis as compared to revenue of $417 million in the first quarter of 2022. Comparative periods have been recast to reflect results in the new structure. The offerings previously reported in our Apps & Cross Platform segment have been reassigned to either the Public Cloud or Private Cloud segment based on the nature of the offering. Our prior Multicloud segment has been separated into its public and private cloud components and our prior OpenStack Public Cloud segment has been included in Private Cloud. In the first quarter of 2023, we completed our business unit realignment and are now reporting in our two new operating segments - Public Cloud and Private Cloud. On a constant currency basis, revenue decreased 1% in the first quarter of 2023 as compared to the first quarter of 2022. Revenue was $759 million in the first quarter of 2023, a decrease of 2% as compared to revenue of $776 million in the first quarter of 2022. Our goal is to drive long-term profitable growth while continuing to deliver value to our customers.” However, the secular growth trends in multicloud remain, and we are using this market slowdown to better position our company to capitalize when the market growth rebounds. We know the road ahead will be challenging in the short-term given the uncertain macro and industry environment. Maletira added, “2023 is a transformation year for the business, and we believe our second quarter will be the trough in profitability for the company.
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Additionally, we have now completed our first full quarter in our new two-business unit operating model, and we are already seeing the benefits in terms of greater focus and opportunities for further cost efficiencies.”
(Nasdaq: RXT), a leading end-to-end multicloud technology solutions company, today announced results for its first quarter ended March 31, 2023.Īmar Maletira, Chief Executive Officer, stated, “I am pleased that we delivered first quarter revenue and profit above the midpoint of our guidance. SAN ANTONIO, (GLOBE NEWSWIRE) - Rackspace Technology, Inc.
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