RingCentral: 3Q Earnings Snapshot
BELMONT, Calif. (AP) _ RingCentral Inc. (RNG) on Monday reported a loss of $12.7 million in its third quarter.
On a per-share basis, the Belmont, California-based company said it had a loss of 15 cents. Earnings, adjusted for one-time gains and costs, came to 22 cents per share.
The results surpassed Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 19 cents per share.
The cloud-based phone system provider for small businesses posted revenue of $233.4 million in the period, which also beat Street forecasts. Ten analysts surveyed by Zacks expected $221.5 million.
For the current quarter ending in December, RingCentral expects its per-share earnings to be 21 cents.
The company said it expects revenue in the range of $238 million to $240 million for the fiscal fourth quarter.
RingCentral expects full-year earnings to be 81 cents per share, with revenue ranging from $888 million to $890 million.
RingCentral shares have risen 91% since the beginning of the year. In the final minutes of trading on Monday, shares hit $157.65, more than doubling in the last 12 months.