Why RingCentral Stock Jumped 28% Higher This Morning

Shares of cloud communications company RingCentral (NYSE: RNG) were up 27% today as of 12:25 p.m. EST. The reason is an exceptional third-quarter 2021 update. The company's total revenue was up 37% year over year to $415 million, and adjusted earnings per share were up 38% to $0.36.  

Though effects of the pandemic are beginning to ease, software-based messaging, phone, and video services remain in growth mode as they enable remote work and help organizations save on cost compared to traditional telecom services. RingCentral is a leader in unified communications as a service (UCaaS), battling with Microsoft for the top spot in Gartner's rankings for leading UCaaS providers.

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Source Fool.com