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RingCentral: 1Q Earnings Snapshot

BELMONT, Calif. (AP) _ RingCentral Inc. (RNG) on Monday reported a loss of $6.4 million in its first quarter.

On a per-share basis, the Belmont, California-based company said it had a loss of 8 cents. Earnings, adjusted for one-time gains and costs, were 17 cents per share.

The results surpassed Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of 15 cents per share.

The cloud-based phone system provider for small businesses posted revenue of $201.5 million in the period, also topping Street forecasts. Eleven analysts surveyed by Zacks expected $193.3 million.

For the current quarter ending in July, RingCentral expects its per-share earnings to range from 15 cents to 17 cents.

The company said it expects revenue in the range of $203.5 million to $205.5 million for the fiscal second quarter.

RingCentral expects full-year earnings in the range of 71 cents to 75 cents per share, with revenue ranging from $862 million to $866 million.

RingCentral shares have increased 46% since the beginning of the year. In the final minutes of trading on Monday, shares hit $120.77, an increase of 74% in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RNG at https://www.zacks.com/ap/RNG