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RingCentral Reports Q4 Earnings Beat

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RingCentral Reports Q4 Earnings Beat

RingCentral (NYSE: RNG) reported fourth-quarter earnings of 22 cents per share on Monday, which beat the analyst consensus estimate of 21 cents. This is a 4.35% decrease over earnings of 23 cents per share from the same period last year.

The company reported quarterly sales of $252.865 million, which beat the analyst consensus estimate of $239.45 million. This is a 34.06% increase over sales of $188.624 million the same period last year.

"We are very excited to have surpassed our previous goal of a $1 billion annual revenue run-rate ahead of schedule," said Vlad Shmunis, RingCentral's CEO. "Our success is rooted in our deep commitment to product excellence and a culture of strategic partnerships, as evidenced by our unique relationships with AT&T, Avaya, and now Atos. These partnerships are a strong validation of our industry leadership and provide additional opportunities for our long-term growth."

The company sees first-quarter sales at $257-$259 million versus the $249.2 million estimate.

RingCentral shares were trading up 2.5% at $218 at time of publication. The stock has a 52-week high of $213.55 and a 52-week low of $95.34.

Related Links:

Goldman Sachs Turns Bullish On RingCentral, Highlights Large Market Opportunity

Avaya Rallies Following Deal With RingCentral

 

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