RingCentral stock rises on company's earnings beat, increased guidance
Shares of RingCentral Inc. rose more than 5% in the extended session Monday after the software company beat Wall Street expectations for the third quarter and raised its 2018 guidance. RingCentral lost $9.5 million, or 12 cents a share, in the quarter, compared with breakeven results in the year-ago period. Adjusted for one-time items, RingCentral earned $16 million, or 19 cents a share, compared with $11 million, or 13 cents a share, for the third quarter of 2017. Sales rose 33% to $174 million, compared with $130 million a year ago. Analysts polled by FactSet had expected RingCentral to report adjusted earnings of 16 cents a share on sales of $167 million. RingCentral said it expects 2018 revenue between $664 million and $667 million, up from a prior range between $649 million and $656 million. Full-year adjusted EPS was seen between 71 cents and 73 cents, compared with a previous expectation of 66 cents a share and 70 cents a share. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.