5 Stocks in Focus After Releasing Their Financial Results

3. RingCentral, Inc. (NYSE:RNG)

Number of Hedge Fund Holders: 47

Shares of RingCentral, Inc. (NYSE:RNG) rose over six percent in the pre-market trading session on Tuesday, May 10, 2022, following its upbeat financial performance for the first quarter.

RingCentral, Inc. (NYSE:RNG) reported adjusted earnings of 39 cents per share, up from 27 cents per share in the comparable period of 2021. Revenue for the quarter jumped 33 percent on a year-over-year basis to $468 million. The results easily surpassed the consensus of 34 cents per share for earnings and $458.69 million for revenue.

Looking forward, RingCentral, Inc. (NYSE:RNG) now expects adjusted earnings in the range of $1.83 – $1.87 per share for fiscal 2022, up from its previous outlook of $1.69 – $1.72 per share.

Discussing the results, CEO Vlad Shmunis said:

“We had a very strong start to the year, driven by continued success with large enterprise customers and ramping contributions from our partners. We are also seeing the benefits of scale, with strong top line contributions now being complemented by increasing bottom line profitability, including meaningful free cash flows.”