RingCentral Inc. shares dove 10% in after-hours trading Wednesday, following a quarterly report that included disappointing sales guidance. The...
RingCentral Inc. RNGshares dove 10% in after-hours trading Wednesday, following a quarterly report that included disappointing sales guidance. The cloud-telephony company’s executives forecast 2023 revenue of $2.18 billion to $2.2 billion, while analysts on average were expecting $2.32 billion, according to FactSet. For the first quarter, RingCentral expects revenue of $526 million to $530 million, while analysts on average were projecting $544 million, according to FactSet.
For the first quarter, RingCentral expects revenue of $526 million to $530 million, while analysts on average were projecting $544 million, according to FactSet. The company’s guidance for adjusted earnings — 69 to 70 cents a share in the first quarter and $3.04 to $3.10 a share for the year — did beat Wall Street’s expectations, though, as did fourth-quarter earnings. The company reported earnings of $284.1 million, or $2.97 a share, on sales of $524.7 million, up from $448.
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