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Why RingCentral Stock Tumbled Almost 18% in May

·2 min read
Why RingCentral Stock Tumbled Almost 18% in May

Shares of RingCentral (NYSE: RNG) tumbled 17.7% in May, according to data provided by S&P Global Market Intelligence, as the cloud-based workplace communication and collaboration platform looks to be having difficulty shedding the image that it's more than just a pandemic play. Much like Zoom Video Communications (NASDAQ: ZM), with which it partners (but is increasingly becoming a competitor to), RingCentral's business boomed during the COVID-19 outbreak as many employees were forced to work from home and use cloud-based video and teleconferencing technology.