Core Viewpoint - RingCentral (RNG) has shown resilience in its stock performance, gaining 1.9% over the past six months, contrasting with a 13.4% decline in the Zacks Internet - Software and Services industry, primarily driven by its expanding AI initiatives and the launch of its AI-based contact center solution, RingCX [1] Group 1: AI Initiatives and Product Development - RingCentral has introduced new AI features for its RingCX platform, including real-time AI-powered assistant support and AI-based coaching insights for managers [2] - The Intelligent Virtual Agent (IVA) framework allows customers to integrate their preferred IVA with RingCX, supported by partners like Yellow.ai, Cognigy, and Google DialogFlow [2] - The AI features will be available in the U.S. in the coming months, with international expansion expected by early 2025, which is anticipated to increase demand for RingCX [3] Group 2: Customer Adoption and Growth Metrics - Since its launch in November 2023, RingCX has been adopted by 350 customers, reflecting a more than 70% sequential increase [4] - RingCentral has added 300 features to its platform in the past quarter, with 50% of RingCX customers opting for the paid AI capability [4] - The company aims to achieve at least $100 million in exit Annual Recurring Revenue (ARR) from new products by the end of 2025 and is currently on track to meet this goal [6] Group 3: Financial Performance and Guidance - For Q3 2024, RingCentral expects revenues between $600.5 million and $603.5 million, indicating an 8% year-over-year growth [9] - Subscription revenues are projected to be between $572 million and $575 million, also reflecting an 8% year-over-year growth [9] - The consensus estimate for earnings is pegged at 92 cents, suggesting a 17.95% year-over-year growth [10] Group 4: Market Position and Competitive Advantage - RingCentral's focus on AI-supported features is a key growth catalyst, benefiting from strong demand for Unified Communications as a Service (UCaaS) and contact center SaaS solutions [5] - The enterprise segment has shown strong momentum, with double-digit year-over-year growth and significant deals closed, including 20 deals with over $1 million total contract value [7] - Partnerships with companies like Cox Communications, Vodafone, and Microsoft enhance RingCentral's market presence and product integration [7][8]

Coupa's AI-driven total spend management platform empowers RingCentral to optimize spend FOSTER CITY, Calif., Aug. 8, 2024 /PRNewswire/ -- Coupa, the margin multiplier company, today announced that RingCentral, Inc. (NYSE: RNG), a leading provider of AI-driven cloud business communications, contact center, video and hybrid event solutions, has deployed Coupa to help optimize its spend and business operations. After a decade of growing revenues, RingCentral was looking to modernize its back-office operations ...

Core Insights - RingCentral reported revenue of $592.91 million for the quarter ended June 2024, reflecting a year-over-year increase of 9.9% and surpassing the Zacks Consensus Estimate of $586.28 million by 1.13% [1] - The company's EPS for the quarter was $0.91, up from $0.83 in the same quarter last year, exceeding the consensus EPS estimate of $0.88 by 3.41% [1] Financial Performance Metrics - Gross Margin for Subscriptions was reported at 80.9%, slightly below the estimated 81.8% by analysts [3] - Gross Margin for Other revenues was -2.5%, significantly lower than the average estimate of 5.3% [4] - Annualized Exit Monthly Recurring Subscriptions (ARR) reached $2.43 billion, exceeding the estimated $2.41 billion [5] - Revenues from Other sources were $25.85 million, below the estimated $26.38 million, with a year-over-year change of 0.7% [6] - Subscription Revenues amounted to $567.06 million, surpassing the estimated $559.92 million, marking a year-over-year increase of 10.4% [7] Stock Performance - Over the past month, RingCentral's shares have returned +22.7%, significantly outperforming the Zacks S&P 500 composite's +1.1% change [7] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [7]

RingCentral (RNG) came out with quarterly earnings of $0.91 per share, beating the Zacks Consensus Estimate of $0.88 per share. This compares to earnings of $0.83 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 3.41%. A quarter ago, it was expected that this cloudbased phone system provider for small businesses would post earnings of $0.80 per share when it actually produced earnings of $0.87, delivering a surprise of 8.75%. O ...

The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system. Most Powerful Force Impacting Stock Prices As empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. H ...

HERNDON, Va., July 18, 2024 /PRNewswire/ -- Four Inc. has been named a public sector aggregator for RingCentral, Inc. (NYSE: RNG), a leading provider of AI-driven cloud business communications, contact center, video, and hybrid event solutions. Under the agreement, RingCentral's flagship RingEX™ and native contact center RingCX™ solutions will be available to the public sector through Four Inc.'s NASA Solutions for Enterprise-Wide Procurement (SEWPV), Information Technology Enterprise Solutions - Software 2 ...

According to researchers at several universities across the globe, a price target is one of many pieces of information about a stock that misleads investors far more often than it guides. In fact, empirical research shows that price targets set by several analysts, irrespective of the extent of agreement, rarely indicate where the price of a stock could actually be heading. That said, while investors should not entirely ignore price targets, making an investment decision solely based on them could lead to d ...

Teladoc Health (TDOC) Source: Shutterstock RingCentral (NYSE:RNG) provides cloud-based communication and collaboration solutions. The RingEX and RingCX platforms clearly show the company's focus on advancement. The use of AI-driven technologies like RingSense AI boosts productivity and real-time interactions. With that, RingEX aims to improve the employee experience. In the meantime, RingCX provides a feature-rich contact center solution driven by AI that is available globally and includes over 1K functions ...

Lightning Renewables joint venture targets bringing approximately 40 landfill gas-to-renewable natural gas plants online in coming years. Fort Wayne plant is the largest Archaea Modular Design in Indiana, processing up to 6,400 standard cubic feet of landfill gas per minute (scfm), enough energy to heat more than 25,000 homes, according to the EPA Landfill Gas Energy Benefits calculator. Archaea Energy, a BP company.Archaea Energy, a BP company. Lightning Renewables Renewable Natural Gas Plant in Fort Wayne ...

A month has gone by since the last earnings report for RingCentral (RNG) . Shares have added about 1.5% in that time frame, underperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is RingCentral due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. RingCentral Q1 Earnings Top Estimates, Revenues Up ...