Ringcentral, Inc. (NYSE: RNG) reported Q3 EPS of $0.19, $0.03 better than the analyst estimate of $0.16. Revenue for the quarter came in at $174 million versus the consensus estimate of $166.71 million.

• Software subscriptions revenue increased 32% year over year to $158 million.
• Total revenue increased 33% year over year to $174 million.
• RingCentral Office® ARR increased 36% year over year to $592 million.
• Annualized Exit Monthly Recurring Subscriptions (ARR) increased 31% year over year to $674 million.
• Mid-market and Enterprise ARR increased 75% year over year to $270 million.
• Enterprise ARR increased over 100% year over year to $146 million.

“Third quarter results were excellent. Our mid-market and enterprise businesses continue to lead the way supported by momentum from our channel partners,” said Vlad Shmunis, RingCentral’s founder, chairman and CEO. “With our relentless focus on innovation, through R&D investments and strategic acquisitions, we continue to expand our product portfolio and extend our lead in cloud communications. We believe we are well positioned to achieve our goal of exceeding $1 billion in revenue in 2020.”

GUIDANCE:

Ringcentral, Inc. sees FY2018 EPS of $0.71-$0.73, versus the consensus of $0.68. Ringcentral, Inc. sees FY2018 revenue of $664-667 million, versus the consensus of $653.61 million.

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