RingCentral Earnings Beat Expectations; Stock Pops
RingCentral (NYSE: RNG), which provides cloud-based enterprise communication and collaboration solutions, reported fourth-quarter and full-year 2019 results after the market closed on Monday.
Shares popped 3.2% during Monday's after-hours trading session. We can attribute the market's pleasure to the company's quarterly revenue and earnings beating Wall Street's consensus estimates, along with revenue guidance for the first quarter and full-year 2020 coming in higher than analysts had been expecting.
RingCentral stock is up 29.6% in 2020 and up a whopping 111% for the one year through Monday's regular trading session, compared to the S&P 500's 3.9% and 26.3% returns, respectively, over these periods. Shares of fellow unified communications-as-a-service (UCaaS) company Zoom Video Communications have also zoomed out of the gate this year with their 31.8% gain. (Zoom held its initial public offering, or IPO, in April, so it hasn't traded for a year.)
Source Fool.com
