- RingCentral ( NYSE: RNG ) is trading 9.7 % higher after the company on Tuesday posted better-than-expected Q2 result, helped by higher subscription revenue.
- Subscriptions revenue increased 32% Y/Y to $463M.
- The company posted profit of $0.45, that beat estimates by $0.04, while revenue rose 28% Y/Y to $486.9M, and beat estimates by $4.9M.
- Annualized Exit Monthly Recurring Subscriptions (ARR) increased 31% Y/Y to $2B.
- RingCentral ( RNG ) specializes in Software-as-a-Service [Saas] technology for businesses to use in areas such as contact centers and video communications
- The company maintained 2022 total revenue range of $1.990 to $2.015B vs. consensus of $2.02B.
- Total revenue range for Q3 of $500 to $504M vs. consensus of $507.5M.
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RingCentral stock surges ~10% on strong Q2 result as subscription revenue rises