RingCentral Inc reports results for the quarter ended in March - Earnings Summary

RingCentral

08/05/2024 13:02

* RingCentral Inc  RNG.N  reported quarterly adjusted
earnings of
87 cents​​ per share for the quarter ended in March, higher than
the same quarter last year, when the company reported EPS of 76
cents.  The mean expectation of twenty four analysts for the
quarter was for earnings of 80 cents per share. Wall Street
expected results to range from 78 cents to 85 cents per share.
    * Revenue rose 9.5% to $584.21 million from a year ago;
analysts
expected $578.17 million. 
    * RingCentral Inc's reported EPS for the quarter was a loss
of 31
cents​.
    * The company reported a quarterly loss of $28.49 million.
    * RingCentral Inc shares had fallen by 13.7% this
quarter and
lost 11.7% so far this year.

FORECAST CHANGES
    * The mean earnings estimate of analysts had fallen by
about 3.1%
in the last three months.​ 
    * In the last 30 days, there have been no earnings estimate
revisions by analysts covering the company.

RECOMMENDATIONS
    * The current average analyst rating on the shares is "buy"
and
the breakdown of recommendations is 11 "strong buy" or "buy," 14
"hold" and no "sell" or "strong sell." 
    * The average consensus recommendation for the software peer
group
is also "buy"

Wall Street's median 12-month price target for RingCentral Inc
is $38.00 
This summary was machine generated from LSEG data May 8 at 12:02
p.m. UTC. ​All figures in US dollars unless otherwise stated.
(For questions concerning the data in this report, contact
Estimates.Support@lseg.com. For any other questions or feedback,
contact RefinitivNewsSupport@thomsonreuters.com) QUARTER ENDING    ESTIMATE       ACTUAL         BEAT, MET,
                                                 MISSED
 Mar. 31 2024      0.80           0.87           Beat
 Dec. 31 2023      0.82           0.86           Beat
 Sep. 30 2023      0.75           0.78           Beat
 Jun. 30 2023      0.75           0.83           Beat