BELMONT, Calif. (AP) _ RingCentral Inc. (RNG) on Wednesday reported a loss of $60.7 million in its first quarter.
On a per-share basis, the Belmont, California-based company said it had a loss of 70 cents. Earnings, adjusted for one-time gains and costs, came to 19 cents per share.
The results surpassed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 18 cents per share.
The cloud-based phone system provider for small businesses posted revenue of $267.5 million in the period, also topping Street forecasts. Ten analysts surveyed by Zacks expected $256.1 million.
For the current quarter ending in July, RingCentral expects its per-share earnings to range from 20 cents to 21 cents.
The company said it expects revenue in the range of $260 million to $266 million for the fiscal second quarter.
RingCentral expects full-year earnings in the range of 91 cents to 94 cents per share, with revenue ranging from $1.12 billion to $1.13 billion.
RingCentral shares have increased 45% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $245.04, more than doubling in the last 12 months.