Shares of RingCentral (NYSE: RNG) had a banner day on Thursday. The stock rose as much as 36.3% in the morning, backing down to a still-impressive 29.5% gain at 1:20 p.m. ET today. The cloud-based communications-services expert beat analyst estimates in last night's third-quarter report, followed by bullish guidance for the full fiscal year.

RingCentral's third-quarter revenue rose 23% year over year to $509 million. Subscription sales accounted for 95% of the total revenue stream, up from 93% in the year-ago period. Adjusted operating margins widened, larger accounts represented a greater percentage of the customer mix, and adjusted earnings increased from $0.35 to $0.55 per diluted share.

Your average analyst would have settled for earnings of roughly $0.50 per share and sales near $503 million. RingCentral's full-year earnings guidance also exceeded the current analyst view, while the midpoint of the yearly revenue target was in line with Wall Street's projections.

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Source Fool.com