RingCentral, Inc. develops AI-powered business communications and customer engagement software for voice, SMS, contact center, workforce engagement management, video collaboration, and messaging. Its updates commonly cover RingCX, AI Receptionist, AIR Pro, AI Conversation Expert, branded calling, RCS messaging, international SMS, and integrations that extend customer engagement across business phone, contact center, Microsoft Teams, and partner channels.
Company news also includes quarterly results, subscription revenue trends, cash flow, share repurchases, dividends, and product adoption across industries such as healthcare, financial services, legal, hospitality, construction, and business services.
RingCentral, a leader in cloud communications, reported a strong second quarter for 2021, achieving a 36% year-over-year revenue growth to $379 million. Subscriptions revenue rose 37% to $351 million, with an annualized recurring subscriptions (ARR) total of $1.5 billion. Despite a GAAP operating loss of $73 million, non-GAAP operating income increased to $39 million. The company has raised its full-year revenue guidance to a range of $1.539 to $1.545 billion. New partnerships and product enhancements further bolster its market position.
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RingCentral (NYSE:RNG) has been highly ranked in 11 categories of the 2021 Comparably Leadership Awards, including #1 for Best Engineering Teams and #2 for Best Sales and Leadership Teams. Recognized awards highlight achievements in diversity, leadership, and workplace environment, reflecting positive employee feedback over a 12-month period. CEO Vlad Shmunis's recognition emphasizes his commitment to fostering an inclusive workplace. The company's focus on employee development aims to enhance innovation and service for global customers.
Bandwidth (NASDAQ: BAND) announced a new "Bring Your Own Carrier" (BYOC) solution for RingCentral (NYSE: RNG) that enhances its Duet platform. This solution helps large enterprises transition their legacy communications to the cloud, enabling greater flexibility and control. With nearly 40% of companies on-premises planning a cloud migration by 2021, Bandwidth's offering aims to address migration challenges. The BYOC solution integrates Bandwidth's services with RingCentral's capabilities, supporting global communications and operational efficiencies.
RingCentral (NYSE: RNG) will report its financial results for Q2 2021 on August 3, 2021, after market close. A conference call is scheduled for the same day at 2:00 PM PT (5:00 PM ET) to discuss these results. Investors can access the live call at (877) 705-6003 in the U.S. or (201) 493-6725 internationally. A replay will be available until August 10, 2021. RingCentral is recognized for its innovative cloud-based communication solutions, including MVP™, RingCentral Video®, and contact center services, enhancing collaboration for modern workforce needs.
RingCentral (NYSE:RNG) announced an upgrade of its MVP platform by C&S Wholesale Grocers, enhancing their communication capabilities. This upgrade provides features like integrated messaging, video meetings, and voice services, aimed at improving operational efficiency during the pandemic. C&S emphasized the importance of this upgrade for seamless communication among employees and customers, noting its ability to switch devices easily during meetings. The partnership underscores RingCentral's role in supporting modern workforce needs.
RingCentral (NYSE: RNG) has announced measures to combat the growing issue of robocalls and spam, utilizing its AI-trained data and participating in industry tracebacks. The company has implemented the STIR/SHAKEN framework to enhance call authentication, which is crucial in curbing call spoofing. With a reported 4.9 billion robocalls in March 2021 alone, RingCentral aims to protect consumer confidence in voice services. The company supports FCC efforts to eliminate such unwanted calls and promotes industry-wide collaboration for more effective results.
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RingCentral (NYSE: RNG) announced significant enhancements to RingCentral Rooms™, improving video meetings within its MVP™ platform. New features include voice-activated controls and mobile phone integration, promoting touchless experiences. Compatibility with Logitech Rally devices and Windows appliances expands accessibility. The upgrades aim to facilitate a seamless return to hybrid work, addressing safety and collaboration challenges. The partnership with Logitech enhances the hybrid meeting experience, allowing organizations to modernize workspaces efficiently and support diverse employee needs.
Avaya (NYSE:AVYA) and RingCentral (NYSE:RNG) have launched new features for the Avaya Cloud Office UCaaS solution, including enhancements for easier migration and video connectivity, along with expanded global capabilities. Cloud communications adoption has surged, with 55% of organizations expected to adopt UCaaS by 2021. Avaya Cloud Office is now available in 13 countries and has received accolades for customer satisfaction, ranking 2nd among providers. New features support hybrid working, making it simpler for organizations to transition to cloud-based communication.