RingCentral (NYSE:RNG) earnings for the cloud communications company’s second quarter of 2020 have RNG stock falling after-hours Monday. That’s despite its adjusted earnings per share of 24 cents beating out Wall Street’s estimate of 20 cents. Its revenue of $277.99 million also comes in above analysts’ estimate of $263.78 million.
Here are some additional highlights from the most recent RingCentral earnings report.
- Adjusted per-share earnings are up 14.3% from 21 cents during the same time last year.
- Revenue for the quarter is sitting 29% higher than the $215.15 million reported in the second quarter of 2019.
- Operating loss of $29.34 million is 306.8% wider year-over-year from a loss of $7.18 million.
- The RingCentral earnings report also includes a net income of $509,000.
- That’s an improvement over the company’s net loss of $9.24 million from the same period of the year prior.
Vlad Shmunis, founder, chairman and CEO of RingCentral, said this in the earnings report.
“We delivered solid Q2 results driven again by strong contributions from mid-market and enterprise customers, as well as our channel partners. We are seeing a high level of adoption and engagement with our Message Video Phone (MVP) solution as businesses adapt to a work from anywhere environment.”
RingCentral also updates its guidance for the full year of 2020 in the current earnings report. It expects an adjusted EPS of 92 cents to 94 cents on revenue of $1.135 billion to $1.143 billion. For comparison, Wall Street is expecting adjusted EPS of 92 cents on revenue of $1.12 billion.
RNG stock was down 1.5% after markets closed on Monday.
As of this writing, William White did not hold a position in any of the aforementioned securities.