RingCentral 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
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
