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RingCentral Inc. shares fell more than 6% in the extended session Tuesday after the cloud-based communications company reported fourth-quarter earnings largely in line with Wall Street expectations, but its sales guidance for the year and for the current quarter fell short.
RingCentral
RNG,
lost $47 million, or 50 cents a share, in the fourth quarter, compared with a loss of $284 million, or $2.97 a share, in the same period last year.
Adjusted for one-item items, the cloud-based communications company earned 86 cents a share.
Revenue rose to $571 million, from $525 million in the fourth quarter of 2022.
Analysts polled by FactSet expected RingCentral to report adjusted earnings of 82 cents on sales of $570.4 million.
The company guided for 2024 revenue between $2.370 billion and $2.395 billion, which would be growth of 8% to 9%. It called for adjusted EPS between $3.50 and $3.58.
For the first quarter, RingCentral guided for revenue between $575 million and $580 million, which would represent annual growth of 8% to 9%. EPS was seen between 79 cents and 80 cents.
The analysts surveyed by FactSet are looking for first-quarter revenue of $581 million, and adjusted EPS of 82 cents.
For the year, the expectation is for revenue of $2.4 billion, and adjusted EPS of $3.51.
Shares of RingCentral have lost about 17% in the past 12 months, contrasting with gains of 22% for the S&P 500 index
SPX
in the same period.
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