RingCentral reports Q1 earnings beat estimates, revenues up year over year.

From Nasdaq: 2024-05-08 12:24:00

RingCentral Inc. (RNG) reported non-GAAP earnings of 87 cents per share in Q1 2024, beating estimates by 8.75% and increasing 14.5% year over year. Net revenues of $584 million exceeded estimates by 1.11% and rose 9.5% year over year due to strong subscription revenues.

For Q2 2024, RingCentral expects revenues between $584.5 million and $587.5 million, subscription revenues between $558 million and $561 million, and a non-GAAP operating margin of 20.7%. Earnings are forecasted to be 87-88 cents per share with share-based compensation in the range of $98-$100 million.

Despite a Zacks Rank #3 (Hold), RingCentral’s stock has dropped 11.6% year to date. Investors can also consider top-ranked stocks like Akoustis Technologies (AKTS), NVIDIA (NVDA), and Babcock (BW) in the broader sector, as they each carry a Zacks Rank #2 (Buy).



Read more at Nasdaq: RingCentral (RNG) Q1 Earnings Top Estimates, Revenues Up Y/Y