RingCentral (NYSE:RNG) stock is taking a beating on Wednesday despite the release of a solid earnings report for the fourth quarter of 2021.
Let’s go over that report below to see why investors’ spirits are down today!
- The RingCentral earnings report includes adjusted earnings per share of 39 cents.
- That’s a jump from the 29 cents per share reported during the same time last year.
- It’s also better than the 37 cents per share that Wall Street was expecting.
- RNG stock is slipping even after the company reported revenue of $$448 million.
- Yet again, that’s above the $335 million reported in the fourth quarter of 2020.
- This also has it coming in above analysts’ estimate of $434.94 million for the period.
- RingCentral also released solid guidance for 2022 in its earnings report.
- Among that is revenue of $1.99 billion to $2.015 billion for the year.
- That would see it beating out Wall Street’s estimate of $1.98 billion.
- Its adjusted EPS range of $1.69 to $1.72 is another positive.
- Analysts are only expecting $1.65 per share from the company this year.
- All of this is positive news, so why is RNG stock falling today?
- It’s worth noting that RNG stock has been on the decline these last few days leading up to its earnings report.
- So while it might have beat estimates, it’s possible it still failed to impress investors.
- That could explain why shares are slipping today.
- It’s also worth mentioning that RNG stock is experiencing heavy trading today.
- As of this writing, more than 3 million shares are on the move.
- That’s higher than the roughly 1.2 million that trade on an average daily basis.
RNG stock is down 17% as of Wednesday afternoon.
There’s more stock market news investors need to know about below!
We’ve got all the latest stock stories that traders need for Wednesday. That includes what’s going on with shares of Imperial Petroleum (NASDAQ:IMPP) stock, what’s happening with Russian stocks, and why The Beauty Health Company (NASDAQ:SKIN) stock is on the move. You can find all of that at the following links!
More Stock Market News for Wednesday
- IMPP Stock: What’s Going on With Imperial Petroleum Shares Today?
- Russian Stocks: What’s Going on With SBRCY, YNDX, OGZPY, NOVKY and LUKOY Today?
- SKIN Stock: What’s Going on With The Beauty Health Company Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.