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RingCentral, Inc. (symbol: RNG) is a leading provider in the Unified Communications as a Service (UCaaS) sector, offering businesses a seamless and secure way to manage voice, fax, text, and conferencing needs regardless of their size, location, device, or budget. Established in 2003, RingCentral has developed a robust cloud computing platform that ensures reliable and mission-critical business communications.
Unlike traditional phone companies, RingCentral delivers a flexible and easy-to-manage cloud communications solution that eliminates the need for on-premise phone systems and associated hardware. This allows businesses to easily set up, access, and control their communication services online or via a mobile device.
RingCentral's core product is the RingCentral MVP (Message, Video, Phone) solution, which integrates multiple communication methods into a single platform. Additionally, the company offers a cloud-based contact center solution and a stand-alone video meetings solution, as well as webinars.
Recent achievements include major partnerships and integrations with other cloud applications, further enhancing their service flexibility and scalability. The company’s financial health is underscored by consistent investments in their technology infrastructure, which has allowed them to provide a highly reliable and adaptable communication service.
RingCentral’s transformative approach has made it a significant player in modernizing business communications, moving companies away from outdated, on-premises systems to efficient, cloud-based solutions.
RingCentral (NYSE: RNG), a leading provider of AI communications solutions, has announced its management team's participation in two upcoming investor conferences. The company will present at the UBS Global Technology and AI Conference on December 3, 2024, at 10:15 a.m. MT, and the Barclays 22nd Annual Global Technology Conference on December 11, 2024, at 10:25 a.m. PT. Both presentations will be available via live webcast on RingCentral's investor relations website.
RingCentral (NYSE: RNG) and Verint (NASDAQ: VRNT) have announced a strategic partnership to enhance RingCX customers' experiences with AI-powered Workforce Engagement Management (WEM) and Customer Experience (CX) automation. This collaboration aims to improve employee productivity and customer satisfaction through Verint's leading WEM and CX solutions, complementing RingCentral's AI capabilities. Key benefits for RingCX customers include enhanced interaction analytics, forecasting, scheduling, AI automation for routine tasks, intelligent virtual agents for 24x7 support, and centralized knowledge management. The partnership is expected to drive competitive advantage and operational efficiency, benefiting a broad range of sophisticated contact center use cases.
RingCentral announced its Q3 2024 financial results, reporting a 9% year-over-year revenue increase to $609 million. Subscriptions revenue rose 10% to $583 million, representing 96% of total revenue. The company achieved a GAAP operating profit for the first time, with a margin of 0.5%, up from a loss of (9.7%) last year. Non-GAAP operating margin improved to 21%, up 190 basis points. Net cash from operations increased 47% to $127 million, and free cash flow grew 51% to $105 million. RingCentral raised its 2024 revenue guidance to $2.397-$2.399 billion and non-GAAP EPS to $3.69. The company also announced new innovations for its AI-powered contact center solution and strategic partnerships with Verint and Zayo. Additionally, RingCentral received a PAN-India license to operate across all telecommunications circles in India and renewed its agreement with AT&T.
RingCentral, a leading provider of AI communications solutions, announced the appointment of Abhey Lamba as its new Chief Financial Officer. Lamba will oversee financial planning, controllership, tax, treasury, corporate development, and investor relations. He brings over 30 years of experience from companies like Amazon Web Services, Cisco Systems, and Autodesk. Lamba's background includes roles as a sell-side analyst on Wall Street and a software engineer at Bentley Systems. Vlad Shmunis, Founder and CEO of RingCentral, praised Lamba's track record in driving growth and profitability, highlighting his unique perspective and passion for innovation. Lamba expressed enthusiasm about contributing to RingCentral's AI-driven business communications solutions and driving shareholder value.
RingCentral (NYSE: RNG) has announced that its AI Assistant is now included in RingEX at no additional cost. The AI Assistant provides real-time note-taking for phone calls, message writing and translation, and meeting summarization capabilities. Early access customers reported significant operational improvements, with 92% finding AI call notes important for their business and 84% noting improved call engagement.
The AI Assistant offers features across three tiers: Core (live transcription, closed captioning, meeting summaries), Advanced (real-time call notes), and Ultra (text writing, editing, and translation). The service is currently available in the U.S., with international rollout planned for early 2025.
RingCentral (NYSE:RNG) has been named a Leader in the 2024 Gartner Magic Quadrant for Unified Communications as a Service (UCaaS) report for the tenth consecutive year. The company also ranked #1 in three out of six product or service use case categories in the Gartner Critical Capabilities for UCaaS report.
RingCentral serves over 400,000 organizations and seven million end-users worldwide, offering AI-powered business communications solutions. The company has integrated AI across its phone, messaging, video, events, and contact center functions to enhance workforce productivity and operational capacity.
RingCentral's native AI-first contact center solution, RingCX™, has gained significant traction as organizations seek providers with integrated UCaaS and CCaaS solutions. The company's unique approach to partnerships includes collaborations with global service providers and strategic partnerships with established organizations like Avaya.
RingCentral (NYSE: RNG), a global leader in AI-powered trusted business communications, has announced it will report its third quarter 2024 financial results on November 7, 2024, after market close. The company will hold a conference call at 2:00 PM Pacific Time (5:00 PM Eastern Time) on the same day to discuss the quarterly results.
Interested parties can access the conference call by dialing 1-888-349-0093 from the United States or 1-412-317-5201 internationally, referencing RingCentral and the conference title. A telephone replay will be available until November 14, 2024, by dialing 1-844-512-2921 (US) or 1-412-317-6671 (international) with access code 10193681. Additionally, a live webcast and replay of the call will be accessible from RingCentral's investor relations website at http://ir.ringcentral.com.
RingCentral Inc. (NYSE:RNG) has received a PAN-India license from the Department of Telecommunications (DoT) to operate across all 22 telecommunications circles in India. This makes RingCentral the first cloud provider to deliver fully-compliant UCaaS and CCaaS solutions for India. The company's offerings, Global RingEX Select and RingCX, enable multinational organizations to connect their global offices with India branch offices for seamless communication and collaboration.
Key benefits include:
- Fully compliant cloud phone service backed by DoT and TRAI certifications
- 99.999% uptime and top-tier security
- Native omnichannel capabilities across voice, video, and 20+ digital channels
- AI-powered customer engagement features
The solutions align with India's digital transformation initiatives, offering scalability and flexibility for businesses of all sizes.
Zayo, a leading communications infrastructure provider, and RingCentral (NYSE: RNG) have announced a strategic partnership to launch Zayo UC+ with RingCentral. This new offering combines Zayo's robust network infrastructure and expertise with RingCentral's AI-powered RingEX and RingCX solutions to deliver a comprehensive, cloud-based UCaaS solution.
Key benefits include actionable AI-powered capabilities, customizable workflows leveraging Zayo's network for low-latency connectivity, and exceptional customer experiences. The solution integrates voice, video, chat, SMS, fax, and contact center services into a single platform, designed to boost workforce productivity and elevate customer experiences across more than 20 digital channels.
RingCentral (NYSE: RNG) announced that CFO Sonalee Parekh will resign effective September 10, 2024, to accept a CFO role at a non-competing public company. The company has initiated a search for a successor, considering both internal and external candidates. CEO Vlad Shmunis praised Parekh's contributions, particularly in improving profitability and free cash flow. Parekh expressed gratitude for the opportunity and confidence in RingCentral's future success. The company emphasized that Parekh's departure is not due to any disagreements regarding financial results, accounting principles, or disclosures. Importantly, RingCentral's previously issued Q2 earnings outlook remains unchanged.
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