RingCentral's stock plunges despite revenue, earnings beat

RingCentral Inc.'s (RNG) stock is getting creamed, down more than 10% in extended trading Monday. The cloud-based phone system provider for small businesses reported a fiscal second-quarter net loss of $21.5 million, or 23 cents a share, compared with a net loss of $159.5 million, or $1.68 a share, in the year-ago quarter. Adjusted earnings were 83 cents a share. Revenue rose 11% to $539.3 million from $486.9 million a year ago. Analysts surveyed by FactSet had expected on average adjusted net earnings of 75 cents a share on revenue of $536.2 million. RingCentral offered full-year revenue guidance of between $2.19 billion and $2.2 billion, roughly in line with analyst estimates. Shares of RingCentral have climbed 10% so far this year, while the broader S&P 500 index has increased 18%.

-Jon Swartz

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

08-07-23 1707ET

Copyright (c) 2023 Dow Jones & Company, Inc.