RingCentral reports 4Q loss
Published 4:22 pm, Monday, February 12, 2018
BELMONT, Calif. (AP) _ RingCentral Inc. (RNG) on Monday reported a loss of $6.1 million in its fourth quarter.
The Belmont, California-based company said it had a loss of 8 cents per share. Earnings, adjusted for stock option expense and amortization costs, came to 7 cents per share.
The results beat Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 6 cents per share.
The cloud-based phone system provider for small businesses posted revenue of $140.5 million in the period, also topping Street forecasts. Nine analysts surveyed by Zacks expected $137 million.
For the year, the company reported that its loss narrowed to $26.1 million, or 34 cents per share. Revenue was reported as $501.5 million.
For the current quarter ending in April, RingCentral expects its per-share earnings to range from 11 cents to 13 cents.
The company said it expects revenue in the range of $144.5 million to $146.5 million for the fiscal first quarter.
RingCentral expects full-year earnings in the range of 56 cents to 60 cents per share, with revenue ranging from $629 million to $639 million.
RingCentral shares have climbed 10 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $53.35, more than doubling 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