RingCentral: 2Q Earnings Snapshot
BELMONT, Calif. (AP) _ RingCentral Inc. (RNG) on Monday reported a loss of $8.3 million in its second quarter.
On a per-share basis, the Belmont, California-based company said it had a loss of 10 cents. Earnings, adjusted for stock option expense and non-recurring costs, came to 19 cents per share.
The results beat Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 15 cents per share.
The cloud-based phone system provider for small businesses posted revenue of $160.8 million in the period, also topping Street forecasts. Nine analysts surveyed by Zacks expected $155.6 million.
For the current quarter ending in October, RingCentral expects its per-share earnings to range from 15 cents to 17 cents.
The company said it expects revenue in the range of $165 million to $168 million for the fiscal third quarter.
RingCentral expects full-year earnings in the range of 66 cents to 70 cents per share, with revenue ranging from $649 million to $656 million.
RingCentral shares have climbed 68 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $81.48, more than doubling in the last 12 months.