RingCentral reports Q2 EPS $1.06, consensus $1.02

Reports Q2 revenue $620.4M, consensus $617.86M. “I want to congratulate Vaibhav Agarwal on his promotion to Chief Financial Officer of RingCentral (RNG). With his nine year tenure in prior roles as Deputy Chief Financial Officer, Chief Transformation Officer, and Chief Accounting Officer, Vaibhav has been a key contributor and has a deep understanding of our strategy, finances, and operations,” said Vlad Shmunis, Founder, Chairman and CEO of RingCentral. “We delivered a solid Q2, driven by our leadership in UCaaS, momentum in CCaaS, and the growing adoption of our AI-powered portfolio. Our AI strategy is showing strong results, with our new AI Receptionist (AIR) tripling its customer base to over 3,000 in the last quarter. Our multi-product approach is working, putting us on track to achieve $100 million in new product ARR by the end of 2025. We also extended our long-standing partnership with NiCE and we look forward to working with them, as we continue offering a best-in-class, integrated AI-powered cloud telephony and contact center suite that is the ideal choice for enterprises with complex and advanced use-cases.”