5 Stocks Making Big Moves on Earnings Reports

3. RingCentral, Inc. (NYSE:RNG)

Number of Hedge Fund Holders: 47

Shares of RingCentral, Inc. (NYSE:RNG) soared more than 22 percent in the pre-market trading session on Wednesday, 10 November 2021, after delivering impressive financial results for the third quarter.

The Belmont-based company earned 36 cents per share on an adjusted basis, up from 26 cents per share in the same period last year. Analysts were expecting RingCentral, Inc. (NYSE:RNG) to report adjusted earnings of 33 cents per share.

In addition, revenue for the quarter climbed 37 percent versus last year to $415 million, beating the consensus estimate of $393 million. Subscription revenue for the quarter jumped 38 percent on a year-over-year basis to $385 million.

RingCentral, Inc. (NYSE:RNG) also raised its financial guidance for 2021. The company now expects adjusted earnings of $1.32 per share versus its previous forecast between $1.28 – $1.30 per share. Moreover, it is anticipating revenue in the range of $1.580 – $1.581 billion, compared to its previous outlook between $1.539 – $1.545 billion.

Commenting on the quarter, CEO Vlad Shmunis said:

“With our award-winning RingCentral Message Video Phone (or MVP) platform, our seamless integration with an industry-leading cloud contact center solution, and our unparalleled market access with strategic partners, we believe we are uniquely positioned to meet the rising global demand for cloud-based communications solutions.”