Unwarranted 20% decrease for the quarter.
Despite the perceived need for RNG tech decreasing with a return to work post-COVID, earning in May were quite positive:
- revenue rose 32% year over year to $352 million
- 34% increase in subscription revenue
- adjusted profits of $0.27 per share were 42% higher than the $0.19 last year.
- beat analyst expectations
- raised full-year guidance and now expects revenue between $1.5 billion and $1.51 billion, up from prior expectations of $1.475 billion to $1.49 billion
Side note: RingCentral Video Wins “Overall Video Conferencing Solution of the Year” from RemoteTech Breakthrough 2021 Awards