RingCentral Inc (RNG stock) plunged to close out a tremendous week after it topped earnings estimates
Premium|Take advantage of 60% OFF on your first month.
Grab this special offer, it's 7 months for FREE deal! And access ALL our articles and analysis.
You have reached your limit of 5 free articles for this month.
BLACK FRIDAY SALE! 60% OFF!
Grab this special offer, it's 7 months for FREE deal! And access ALL our articles and analysis.
CLAIM OFFER- NYSE:RNG dropped 2.48% on Friday to end the week.
- RingCentral beats earning estimates once again as working from home has boosted sales.
- RingCentral partners with Avaya to provide cloud-based solutions in Europe.
NYSE:RNG has had quite the week after crushing another quarterly earnings report by topping Wall Street estimates once again. Shares finally dipped on Friday as RNG fell by 2.48% as investors skimmed off some of the profits after the huge gains made earlier in the week. The stock was up over 12% for the week at its highest point on Thursday but fell back down to Earth on Friday as shares closed the final trading session of the week down at $297.08.
Earlier in the week, RingCentral once again topped analyst estimates and was highlighted by a nice 30% spike in revenues for the quarter ending September 30th. The cloud-based software company reported earnings per share of $0.26, which is up year-over-year from $0.22 per share in the same quarter of 2019. RingCentral also announced a partnership with unified communications company Avaya (NYSE:AVYA) to provide solutions for video calling, cloud PBX, and other digital solutions to five European countries by the end of the calendar year. Avaya has continued the global rollout of its software which has greatly assisted companies in transitioning employees to a work-from-home environment during the global pandemic.
RNG stock quote
RingCentral has been one of the quiet winners of the COVID-19 pandemic, and while it may not be on every investors’ radar, its consistent performance over the past few years has seen it return 1300% to investors who bought in early in 2017. As long as the pandemic continues to force people to work from their homes, RingCentral should be able to capitalize on companies who require the use of video calling and voice over IP dialing.
- NYSE:RNG dropped 2.48% on Friday to end the week.
- RingCentral beats earning estimates once again as working from home has boosted sales.
- RingCentral partners with Avaya to provide cloud-based solutions in Europe.
NYSE:RNG has had quite the week after crushing another quarterly earnings report by topping Wall Street estimates once again. Shares finally dipped on Friday as RNG fell by 2.48% as investors skimmed off some of the profits after the huge gains made earlier in the week. The stock was up over 12% for the week at its highest point on Thursday but fell back down to Earth on Friday as shares closed the final trading session of the week down at $297.08.
Earlier in the week, RingCentral once again topped analyst estimates and was highlighted by a nice 30% spike in revenues for the quarter ending September 30th. The cloud-based software company reported earnings per share of $0.26, which is up year-over-year from $0.22 per share in the same quarter of 2019. RingCentral also announced a partnership with unified communications company Avaya (NYSE:AVYA) to provide solutions for video calling, cloud PBX, and other digital solutions to five European countries by the end of the calendar year. Avaya has continued the global rollout of its software which has greatly assisted companies in transitioning employees to a work-from-home environment during the global pandemic.
RNG stock quote
RingCentral has been one of the quiet winners of the COVID-19 pandemic, and while it may not be on every investors’ radar, its consistent performance over the past few years has seen it return 1300% to investors who bought in early in 2017. As long as the pandemic continues to force people to work from their homes, RingCentral should be able to capitalize on companies who require the use of video calling and voice over IP dialing.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.