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]

RingCentral (RNG) closed the last trading session at $32.07, gaining 4.3% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $40.28 indicates a 25.6% upside potential. The average comprises 18 short-term price targets ranging from a low of $31 to a high of $52, with a standard deviation of $6.40. While the lowest estimate indicates a decline of 3.3% from the current price level, the m ...

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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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________________________________________________ FORM 10-Q _________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36089 ______ ...

RingCentral (RNG) reported non-GAAP earnings of 91 cents per share in second-quarter 2024, surpassing the Zacks Consensus Estimate by 3.41% and increasing 9.6% year over year. Net revenues of $593 million comfortably beat the consensus mark by 1.13% and increased 10% year over year. A robust product portfolio and strong subscription revenues drove the upside. Quarter Details Software subscription revenues (95.6% of total revenues) increased 10.4% year over year to $567.1 million, beating the Zacks Consensus ...

RingCentral, Inc. (NYSE:RNG) Q2 2024 Earnings Conference Call August 1, 2024 5:00 PM ET Company Participants Will Wong - VP, IR Vlad Shmunis - Founder, Chairman and CEO Sonalee Parekh - CFO Conference Call Participants Michael Funk - Bank of America Merrill Lynch Siti Panigrahi - Mizuho Meta Marshall - Morgan Stanley Brian Peterson - Raymond James Catharine Trebnick - Rosenblatt William Power - Baird Operator Good day, and welcome to the RingCentral Second Quarter 2024 Earnings Conference Call. All particip ...

For the quarter ended June 2024, RingCentral (RNG) reported revenue of $592.91 million, up 9.9% over the same period last year. EPS came in at $0.91, compared to $0.83 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $586.28 million, representing a surprise of +1.13%. The company delivered an EPS surprise of +3.41%, with the consensus EPS estimate being $0.88. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how ...

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 ...

Exhibit 99.1 RingCentral® RingCentral Announces Second Quarter 2024 Results Q2 2024 key metrics above high end of guidance Achieves record net cash provided by operating activities and record free cash flow Raising 2024 revenue outlook Belmont, Calif. – August 1, 2024 – RingCentral, Inc. (NYSE: RNG), a leading provider of AI-driven cloud business communications, contact center, video, and hybrid event solutions, today announced financial results for the second quarter ended June 30, 2024. Second Quarter Fin ...