Shares of RingCentral (RNG) surged late Monday after it reported December quarter profit and revenue that topped views and forecast full-year 2018 adjusted earnings well above expectations.
Shares in the provider of cloud software for business communications jumped 9% to 58 in after-hours trading on the stock market today.
X RingCentral said Monday that adjusted fourth-quarter earnings were 7 cents a share, with revenue rising 34% to $140.5 million, topping consensus estimates. A year earlier, RingCentral earned 3 cents a share on sales of $104 million. Analysts expected RingCentral to report earnings of 6 cents on sales of $137 million for the period ended Dec. 31.
In the March quarter, RingCentral said it expects adjusted profit of 12 cents vs. estimates of 5 cents. RingCentral forecast full-year 2018 profit of 58 cents a share vs. estimates of 28 cents a share.
RingCentral said it expects revenue of $145.5 million in the March quarter, up 30%, vs. estimates of $143 million. For full-year 2018, RingCentral forecast revenue of $634 million vs. estimates of $617 million.
RingCentral has a relative strength of 96 out of a possible 99, meaning it has been outperforming most of the S&P 500 amid the market's recent volatility.
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