RingCentral Quarterly Earnings, Revenue Beat Expectations
RingCentral (RNG) stock rose in late trading Wednesday after quarterly earnings and revenue topped expectations.
XAutoplay: On | OffShares in the provider of cloud software for business communications and mobile employees were up 5% to 45.85 in after-hours trading on the stock market today. RingCentral competes in cloud business communications — also known as unified communications as a service or UCaaS.
“We had an outstanding quarter led again by growth in our midmarket and enterprise business, as well as strong growth from our channel partners,” Chief Executive Vlad Shmunis said in a news release.
RingCentral said that adjusted third-quarter earnings were 6 cents a share, doubling from a year ago, with revenue rising 34% to $130 million, topping consensus estimates. A year earlier, RingCentral earned 3 cents a share on sales of $97 million.
Analysts expected RingCentral to report earnings of 4 cents on sales of $126 million for the period ended Sept. 30.