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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approach has made it a significant player in modernizing business communications, moving companies away from outdated, on-premises systems to efficient, cloud-based solutions.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) has been recognized as a Leader in Gartner's 2020 Magic Quadrant for Unified Communications as a Service, marking its sixth consecutive year in this position. The report highlights RingCentral's completeness of vision and substantial innovation in cloud communications. Recent product developments include the launch of RingCentral Video, enhancing remote collaboration, and a new collaboration-centric desktop application, consolidating its Message Video Phone (MVP) functionalities. This recognition underscores RingCentral's commitment to driving productivity in cloud-based environments.
RingCentral, Inc. (NYSE: RNG) was recognized in Institutional Investor’s 2021 All-America Executive Team, achieving the ‘Most Honored’ distinction for the second consecutive year. The company ranked among the top three in the software sector, with CEO Vlad Shmunis and CFO Mitesh Dhruv each securing second place in their respective categories. Additionally, Ryan Goodman, the Investor Relations professional, was ranked first. The team also excelled in Best Investor Relations and Financially Material ESG Disclosures, highlighting their effectiveness in communication especially amid COVID-19.
RingCentral (NYSE: RNG) has appointed Mignon Clyburn to its board of directors, boosting its leadership team. Clyburn, a former FCC Commissioner from 2009 to 2018, brings significant experience in digital equity and diversity initiatives. Her past roles include advocacy for the Lifeline Program and media ownership diversity. CEO Vlad Shmunis expressed optimism about her contributions amid the growing demand for cloud communication solutions. Clyburn aims to enhance RingCentral's role in the expanding cloud communications market, focusing on productivity and economic recovery.
RingCentral reported strong third-quarter results for 2020, with total revenue of $304 million, a 30% year-over-year increase. Subscription revenue rose 33% to $280 million, making up 92% of total revenue. The company’s Annualized Exit Monthly Recurring Subscriptions (ARR) reached $1.2 billion, up 34% year-over-year. However, GAAP operating loss increased to $30 million due to higher share-based compensation. The company raised its full-year revenue guidance to $1.164 to $1.167 billion and expects non-GAAP EPS of $0.96.
BT and RingCentral, Inc. (NYSE: RNG) have announced an expanded partnership to accelerate cloud communication adoption in the UK. Their joint offering, Cloud Work, integrates voice, video, and messaging, providing a seamless experience for diverse workforces. The solution aims to enhance flexibility and productivity while supporting digital transformation amidst ongoing Covid-19 challenges. Key benefits include a unified communication platform, professional services support, and seamless integration with critical business applications.
RingCentral, Inc. (NYSE: RNG) announced its inclusion in the AWS Activate Console Exclusive Offers program, enabling startups using AWS to access customized discounts on RingCentral Office® products. This recognition underscores the platform's importance for startups' growth and collaboration needs. The program offers startups in North America, EMEA, APAC, and LATAM free credits, training, and technical resources to support their development. With built-in security and a 99.999% uptime SLA, RingCentral Office is designed to scale with growing businesses.
RingCentral, Inc. (NYSE: RNG) has unveiled over 70 new features for RingCentral Video™ since its launch in April 2020, enhancing video meetings with greater security and user experience. Innovations include enhanced security controls, waiting rooms, and flexible video layouts. The platform allows seamless device switching and features like dark mode and team messaging integration to improve collaboration. These updates aim to meet the evolving needs of remote work, ensuring efficient and secure communication for businesses.
RingCentral (NYSE: RNG) has launched a new high-volume SMS service designed for rapid and reliable customer communication. This service enables businesses to use their existing phone numbers to send SMS messages, streamlining operations and enhancing customer engagement. Currently in beta, the High Volume SMS API allows for mass marketing, automated notifications, and other business applications. RingCentral's integration with its Open Platform enhances functionality, making it easier for businesses to manage communications. The service will be showcased at the upcoming Code Together 2020 developer conference.
RingCentral, a leader in cloud communications, is hosting its inaugural virtual developer conference, Code Together, from October 20-22, 2020. This event will unite global developers to discuss advancements in communication technology, featuring speakers like Guy Kawasaki from Canva. The agenda includes sessions on new developments for developers, customer integration experiences, and RingCentral’s platform roadmap. The conference aims to recognize top developers and innovative ISV partners, reflecting RingCentral's ongoing commitment to enhancing developer engagement.
RingCentral, a leader in global enterprise cloud communications, will report its Q3 financial results on November 9, 2020, after market close. A conference call is scheduled for the same day at 2:00 PM PT to discuss these results. The company emphasizes its flexible cloud Message Video Phone (MVP) and contact center solutions, which are designed to support mobile and distributed workforces. Investors can access the conference call via phone or a live webcast on the company's investor relations page.
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