RingCentral (RNG) Stock Spikes Following Earnings Beat

RingCentral (RNG) shares are up 8% after the company beat analysts' top and bottom line third quarter expectations.
By Tony Owusu ,

NEW YORK (TheStreet) -- Shares of RingCentral (RNG) - Get Report are up by 8.06% to $20.91 in afternoon trading on Tuesday, following the release of the company's third quarter earnings results on Monday afternoon.

The Belmont, CA-based software services provider reported a third quarter net loss of $6.3 million, or earnings of less than one cent per share on an adjusted basis versus analysts' consensus 4 cents per share loss expectations.

Revenue of $76.8 million for the quarter topped analysts' $74.6 million guidance.

RingCentral shares have climbed 40.08% year to date.

Separately, TheStreet Ratings team rates RINGCENTRAL INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:

We rate RINGCENTRAL INC (RNG) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The area that we feel has been the company's primary weakness has been its disappointing return on equity.

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