Why RingCentral Shares Gained 69% in the First Half of 2020

Shares of cloud-based communications specialist RingCentral (NYSE: RNG) rose 69% in the first half of 2020, according to data from S&P Global Market Intelligence. The company was on a roll before the COVID-19 pandemic arrived, and the health crisis only accelerated RingCentral's impressive business growth.

RingCentral is winning new contracts from virus-related, work-from-home policies. The company is offering free access to the RingCentral Office communications platform to educators, healthcare providers, news media, government bodies, and non-profit organizations during the coronavirus crisis. Even so, revenues surged 33% higher in the first quarter and crushed analyst targets of roughly $257 million.

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Source Fool.com