BELMONT, Calif. - RingCentral, Inc. (NYSE:RNG) reported third-quarter earnings and revenue that surpassed analyst expectations, while providing mixed guidance for the fourth quarter.
The AI-powered business communications company posted adjusted earnings per share of $0.95, beating the analyst estimate of $0.92 by $0.03. Revenue for the quarter came in at $608.77 million, exceeding the consensus estimate of $602.15 million and representing a YoY increase.
For the fourth quarter, RingCentral expects adjusted EPS between $0.96 and $0.97, above the consensus of $0.95. However, the company's Q4 revenue guidance of $611-613 million falls short of analysts' expectations of $616 million.
Looking ahead to the full year 2024, RingCentral raised its EPS outlook to $3.69, surpassing the consensus of $3.65. The company also slightly increased its full-year revenue guidance to $2.397-2.399 billion, compared to the analyst estimate of $2.395 billion.
"We've seen strong traction in all segments of the market," said Vlad Shmunis, founder, chairman, and CEO of RingCentral. "To further enhance the value proposition of RingCX in the mid and enterprise segments, we see integration with Verint as a key component of delivering a complete customer experience platform."
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