Stock Alert: RingCentral Rises After Upbeat Earnings

(RTTNews) - Shares of cloud-based business communication solutions provider RingCentral, Inc. (RNG) climbed $7.70 or 3.27% on Thursday to touch a new high of $244.63.

After the company reported its fourth-quarter results on February 10, the stock has been rising and registered 14% growth in three days.

On February 12, the company's RingCentral open platform reached a new milestone of approximately 30,000 developers and 3,000 certified integrations. The company also announced new and updated integrations with companies including NetSuite, Salesforce, and Microsoft.

In addition, the company won the DEVIES Award for 'Best Innovation in Communications. The DEVIES Awards honor the outstanding developer & engineering products/technology of the year.

RingCentral had loss per share of $0.30 in the quarter compared with net loss of $0.07 per share in the same period last year, affected by higher share-based compensation, amortization of intangibles, and acquisition-related matters. Excluding items, the company earned $0.22 per share, beating estimate of $0.01 by analysts polled by Thomson Reuters.

Revenue for the quarter increased 34% year over year to $252.87 million.

For the first quarter, the company expects revenue to be in the range of $257 to $259 million and adjusted EPS in the range of $0.18 to $0.19. Analysts see revenue of $258.39 million and EPS of $0.18.

For the full-year, RingCentral expects revenue to be in the range of $1.125 to $1.135 billion. Non-GAAP EPS is expected between $0.93 and $0.94. The consensus estimate for earnings is at $0.94 on revenues of $1.13 billion.