Shares of RingCentral jumped in after hours trading, following the company’s third quarter results that crushed analysts’ expectations.
For the quarter ended Sept. 30, the enterprise cloud-based services company’s non-GAAP net income rose to 36 cents a share from 26 cents in the previous year, exceeding the 33 cents a share expected by analysts polled by FactSet.
Revenue climbed +36.5% from the year-ago quarter to $414.6 million, vs. $393.42 million anticipated by analysts polled by FactSet.
Looking ahead, RingCentral boosted its full year revenue projection to up to $1.581 billion in sales implying annual growth between 33% to 34%, vs. prior forecast of 30% to 31%.
The company also raised full-year non-GAAP earnings per share estimates to $1.32 a share, from its prior projected range of $1.28 a share to $1.30 a share.
RingCentral announced new partnerships with software vendors in the healthcare sector including Ascom, ChronicCareIQ, and Ellkay.
The company has also collaborated with telecom provider MCM Telecom to offer hybrid work using a single app for video conferencing, mobile collaboration, and advanced business phone capabilities.
It has received a license to provide its cloud communications software and voice solutions in India.