RingCentral Reports Earnings Beat, Revenue Surge
BELMONT, Calif. - RingCentral Inc. (RNG) announced a loss of $7.2 million in its fourth quarter today. Per-share earnings reached 98 cents, exceeding Wall Street estimates of 96 cents, thanks to adjusted earnings for one-time gains and costs.
The cloud-based phone system provider reported revenue of $614.5 million, surpassing analysts' predictions of $612.2 million. Eight analysts surveyed by Zacks had estimated a revenue of $612.2 million.
RingCentral anticipates earnings per share between 93 cents and 97 cents for the current quarter ending in March. Projected revenue for the fiscal first quarter is within the range of $607 million to $612 million.
For the full year, the company projects earnings to range from $4.13 to $4.27 per share.