RingCentral Shares Up 3% Following Q1 Beat and Raise, Names New CFO

RingCentral, Inc. (NYSE: RNG) shares rose around 3% after-hours following the company’s reported Q1 results, with EPS coming in at $0.39, compared to the consensus estimate of $0.34.

Revenue increased 33% year-over-year to $468 million, compared to the consensus estimate of $458.67 million. Subscriptions revenue rose 35% year-over-year to $440 million. Annualized Exit Monthly Recurring Subscriptions (ARR) were $1.9 billion, up 35% year-over-year.

The company expects Q2/22 EPS in the range of $0.40-$0.41, compared to the consensus of $0.38, and revenue in the range of $475.5-479.5 million, compared to the consensus of $477.2 million.

For the full 2022-year, the company expects EPS of $1.83-$1.87, compared to the consensus of $1.71, and revenue of $1.99-2.015 billion, compared to the consensus of $2.01 billion.

The company also announced that Sonalee Parekh has been appointed as the company's CFO, and Mo Katibeh, the RingCentral's COO, has been appointed as the President of the company.

By Davit Kirakosyan

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