RingCentral posted third-quarter results that edged both guidance and Street estimates, while lifting the company’s forecast for the full year.
On an adjusted basis, RingCentral earned 78 cents a share in the quarter, at the high end of its guidance range of 75 to 78 cents, and above consensus at 75 cents. Under generally accepted accounting principles, the company lost 45 cents a share in the quarter. In an interview with Barron’s, CEO Tarek Robbiati said the company is taking steps to broaden its product portfolio, in particular in contact center software and in niche video applications. In August, RingCentral acquired the events software business from the start-up Hopin. In contact center, Robbiati said, the company is shifting its strategy from being a reseller of third-party software solutions to creating its own platform specifically targeting midsize companies.
For the full year, RingCentral now sees revenue of $2.095 billion to $2.101 billion, up 11%; previous guidance had been in the range of $2.086 billion to $2.104 billion. The company lifted its full year non-GAAP EPS forecast range to $3.19 to $3.20 a share, up from a previous range of $3.11 to $3.25 a share. The company now sees full year non-GAAP operating margin of 19%, up from a previous forecast of 18.5% to 19%.
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