Shares of RingCentral (NYSE: RNG) are seeing strong bullish momentum Wednesday following the release of the company's first-quarter earnings results. The collaboration software company's stock was up roughly 17% as of 11:30 a.m. ET, according to data from S&P Global Market Intelligence.

RingCentral published its Q1 report after the market closed yesterday and posted sales and earnings for the period that topped Wall Street's expectations. The company reported non-GAAP (generally accepted accounting principles) adjusted earnings per share of $0.76 on revenue of $534 million, handily beating the average analyst estimate's call for per-share earnings of $0.69 on sales of approximately $528 million.  

RingCentral's subscription revenue climbed 16% year over year in the first quarter to reach $508 million, pushing overall sales up 16% compared to the prior-year period. The company posted a best-ever operating margin of 17.2% in the quarter, and its GAAP operating loss narrowed to $55 million from $104 million in last year's quarter. 

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Source Fool.com