Stock Track | RingCentral Tumbles as Revenue Outlook Disappoints Despite Solid Q3 Results

Stock Track11-08

RingCentral Inc. (RNG) saw its shares plunge over 5% in pre-market trading on Wednesday, despite reporting better-than-expected results for the third quarter. The cloud-based communications provider's revenue outlook for the fourth quarter and full year fell short of analyst estimates, overshadowing the company's solid performance in Q3.

For the third quarter, RingCentral reported revenue of $624 million, beating the consensus estimate of $616 million. The company's subscription revenue grew 10% year-over-year to $583 million, driven by continued strength in its core UCaaS (Unified Communications as a Service) market and strong traction from new products, particularly RingCX, its native AI-powered CCaaS (Contact Center as a Service) solution.

RingCentral's CEO, Vlad Shmunis, highlighted the company's strategic priorities, including solidifying its UCaaS leadership by infusing AI across its entire portfolio, expanding its addressable market through new AI-powered products like RingCX and RingSense, and broadening its reach through partnerships and geographic expansion. Shmunis expressed confidence in the company's ability to execute and drive long-term profitable growth.

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(RNG) saw its shares plunge over 5% in pre-market trading on Wednesday, despite reporting better-than-expected results for the third quarter. 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