BELMONT, Calif. (AP) _ RingCentral Inc. (RNG) on Monday reported a loss of $6.9 million in its fourth quarter.
The Belmont, California-based company said it had a loss of 9 cents per share. Earnings, adjusted for stock option expense and costs related to mergers and acquisitions, were 3 cents per share.
The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 2 cents per share.
The cloud-based phone system provider for small businesses posted revenue of $104.5 million in the period, also surpassing Street forecasts. Eight analysts surveyed by Zacks expected $103 million.
For the year, the company reported that its loss narrowed to $29.3 million, or 40 cents per share. Revenue was reported as $379.7 million.
RingCentral shares have increased 16 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $23.80, a rise of 44 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RNG at https://www.zacks.com/ap/RNG
Keywords: RingCentral, Earnings Report