- RingCentral, Inc. (NYSE: RING) stock rallied on Wednesday after strong quarterly results.
- The technology company posted revenue of US$415 million, up 37% YoY.
- RingCentral and Mitel integrated their platforms to serve over 35 million users.
The RingCentral, Inc. (NYSE: RNG) stock jumped more than 25% after declaring its third-quarter results and partnership with Mitel, a global leader in business communication, on Wednesday.
The stock was priced at US$294.355, up 25.99%, at 12:43 pm ET.
The stock rallied after the Belmont, California-based technology company reported strong third-quarter results on Wednesday. Its revenue increased by 37% YoY to US$415 million.
The total ARR grew 39% to US$1.6 billion and Mid-Market and Enterprise ARR was up 53%.
The company’s subscription revenue increased 38% YoY, contributing 93% of its total revenue.
The GAAP operating loss was US$83 million, and the GAAP net loss per share was US$(1.60) in the September quarter. The company’s cash and equivalents were US$345 million as of September 30, 2021, compared to US$325 million at the end of the second quarter.
It raised the full-year outlook after the results.
RingCentral, founded in 1999, provides an integrated communication program that allows businesses to communicate and collaborate through voice, text, internet messaging, and videoconference calls on a single platform.
Source – Pixabay
Under the partnership, RingCentral will provide a migration path to a message video phone (MVP) cloud communications platform that will benefit over 35 million Mitel users.
RingCentral has become an exclusive Unified Communication as a Service (UCaaS) partner with Mitel and will integrate its MVP platform with Mitel’s CloudLink technology.
RingCentral has been named in the 2021 Gartner Magic Quadrant worldwide report that ranks best UCaaS providers.
RingCentral has a market cap of US$27.3 billion. Its stock traded in the range of US$449.00 to US$207.53 in the last 52 weeks. It rose 5.46% in one year and 31.12% in one month.
RingCentral’s partnerships with Mittel would help scale its presence globally and finally boost the bottom line. However, investors must exercise due diligence before investing in stocks.