Can RNG's Q3 Earnings Beat and Raised FY24 View Push Shares Higher?

Zacks11-09

RingCentral RNG reported third-quarter 2024 non-GAAP earnings of 95 cents per share, beating the Zacks Consensus Estimate by 3.26% and increasing 21.8% year over year.RNG’s earnings beat the Zacks ...

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A robust product portfolio and strong subscription revenues drove the upside.What Should You Expect From RNG Shares Post Q3 Earnings?RingCentral shares were down 3.32% in the pre-market trading.RNG shares have returned 11.9% year to date , underperforming the Zacks Computer & Technology sector’s 28.5%.RingCentral shares have outperformed the Zacks Internet Software-Services industry and peers, including Okta OKTA, Donnelley Financial DFIN and Sabre SABR.YTD, shares of Donnelley Financial have returned 0.1%, while Ok","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"RNG":"Ringcentral Inc."},"translate_title":"RNG第三季度盈利超出预期并上调2024财年预期能否推动股价走高？","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"RNG":1},"content_text":"RingCentral RNG reported third-quarter 2024 non-GAAP earnings of 95 cents per share, beating the Zacks Consensus Estimate by 3.26% and increasing 21.8% year over year.RNG’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the earnings surprise being 4.60%, on average.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.Net revenues of $608.8 million comfortably beat the consensus mark by 1.14% and increased 9.1% year over year. A robust product portfolio and strong subscription revenues drove the upside.\n \n\nRingcentral, Inc. Price, Consensus and EPS Surprise\n  \nRingcentral, Inc. price-consensus-eps-surprise-chart | Ringcentral, Inc. Quote\n\n \nWhat Should You Expect From RNG Shares Post Q3 Earnings?\nRingCentral shares were down 3.32% in the pre-market trading.RNG shares have returned 11.9% year to date (YTD), underperforming the Zacks Computer & Technology sector’s 28.5%.RingCentral shares have outperformed the Zacks Internet Software-Services industry and peers, including Okta OKTA, Donnelley Financial DFIN and Sabre SABR.YTD, shares of Donnelley Financial have returned 0.1%, while Okta and Sabre shares have fell 14.7% and 20.2%, respectively. The industry fell 6.5% over the same timeframe.RNG raised earnings guidance for 2024, which bodes well for investors. It is benefiting from continued momentum with new products, specifically RingCX, and a strong market position in its core UCaaS market.\nRNG’s Software Subscriptions Rises Y/Y\nSoftware subscription revenues (95.8% of total revenues) increased 9.8% year over year to $583 million. Other revenues (4.2% of total revenues) decreased 4.9% year over year to $25.8 million.Annualized Exit Monthly Recurring Subscriptions (ARR) increased 9% year over year to $2.48 billion. Enterprise ARR increased 11% year over year to $1.07 billion.\nRNG’s Operating Details\nThe third-quarter 2024 non-GAAP gross margin contracted 120 basis points (bps) from the year-ago quarter’s tally to 76.9%.On a non-GAAP basis, research & development expenses increased 11.9% year over year to $62.3 million. Sales and marketing expenses increased 3.1% to $237.4 million. General and administrative expenses fell 6.7% year over year to $40.6 million in the reported quarter.The non-GAAP operating margin expanded 190 bps from the year-ago quarter to 21%.\nRNG’s Balance Sheet and Cash Flow Remain Strong\nAs of Sept. 30, 2024, cash and cash equivalents were $213 million compared with $199 million as of June 30, 2024.Cash flow from operations was $127 million in the third quarter, unchanged sequentially.Non-GAAP free cash flow was $105 million compared with $109 million reported in the previous quarter. The non-GAAP cash flow margin was 17.3% in the second quarter.In the third quarter of 2024, RNG bought shares worth $83 million. The current remaining repurchase authorization is $243 million.\nRNG Offers Positive Guidance for 2024\nFor 2024, RingCentral expects revenues between $2.397 billion and $2.399 billion, indicating 9% growth over 2023.Subscription revenues for 2024 are expected between $2.295 billion and $2.399 billion, indicating 9% growth over 2023.The non-GAAP operating margin is expected to be 21% for 2024. Earnings are expected to be $3.69 per share, better than the previous guidance of $3.62-$3.67 per share range.For the fourth quarter of 2024, RingCentral expects revenues between $611 million and $613 million, indicating year-over-year growth of 7%.Subscription revenues for the fourth quarter are expected to be between $587 million and $589 million, indicating year-over-year growth between 7% and 8%.The non-GAAP operating margin is expected to be 21.2% in the fourth quarter of 2024. Earnings are expected to be 96-97 cents per share.\nZacks Rank\nCurrently, RingCentral has a Zacks Rank #4 (Sell).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nRingcentral, Inc. (RNG) : Free Stock Analysis Report\nSabre Corporation (SABR) : Free Stock Analysis Report\nOkta, Inc. (OKTA) : Free Stock Analysis Report\nDonnelley Financial Solutions (DFIN) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2482439552"}