Shares of RingCentral Inc. (RNG) rose nearly 5% in the extended session Monday after the VoIP and other cloud communications provider reported third-quarter results above Wall Street expectations and raised its 2020 guidance. RingCentral said it lost $21 million, or 24 cents a share, in the quarter, compared with a loss of $13 million, or 15 cents a share, in the same period last year. Adjusted for one-time items, RingCentral earned 26 cents a share, compared with 22 cents a share a year ago. Revenue rose 30% to $304 million, RingCentral said. Analysts polled by FactSet had expected an adjusted profit of 24 cents a share on sales of $287 million. The company raised its 2020 revenue range to between $1.164 billion and $1.167 billion, representing annual growth of 29%. This is up from a previous range between $1.135 billion and $1.143 billion and annual growth of 26% to 27%. RingCentral raised its guidance for adjusted EPS to 96 cents, up from an earlier range between 92 cents and 94 cents. Shares of RingCentral lost more than 9% in the regular Monday.
-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
November 09, 2020 17:55 ET (22:55 GMT)
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