RingCentral: Q1 Earnings Snapshot

BELMONT, Calif. (AP) _ RingCentral Inc. (RNG) on Tuesday reported a loss of $186,000 in its first quarter.

On a per-share basis, the Belmont, California-based company said it had a loss of less than 1 cent. Earnings, adjusted for one-time gains and costs, came to 27 cents per share.

The results beat Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share.

The cloud-based phone system provider for small businesses posted revenue of $352.4 million in the period, which also topped Street forecasts. Eleven analysts surveyed by Zacks expected $339.7 million.

For the current quarter ending in July, RingCentral expects its per-share earnings to range from 27 cents to 28 cents.

The company said it expects revenue in the range of $356.5 million to $359.5 million for the fiscal second quarter.

RingCentral expects full-year earnings in the range of $1.24 to $1.27 per share, with revenue ranging from $1.5 billion to $1.51 billion.

RingCentral shares have declined 22% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $296.67, an increase of 27% 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