RingCentral Records Strong Growth, Second Quarter Earnings Report ShowsRingCentral Records Strong Growth, Second Quarter Earnings Report Shows
“The market opportunity in front of us is large.”
August 3, 2022
RingCentral grew revenue by 28% in the second quarter, according to its just-released earnings report. Total revenue was $487 million, up from $379 million in the second quarter of 2021. In addition, subscription revenue increased 32% year over year, to $463 million.
RingCentral’s Vlad Shmunis
Vlad Shmunis is RingCentral’s founder, chairman and CEO.
“Our second quarter key metrics exceeded the high end of our guidance range and demonstrated our consistent execution,” Shmunis said. “We continue to see the benefits of scale, with solid top line contributions complemented by increasing bottom line profitability. The market opportunity in front of us is large. Customers continue to gravitate to RingCentral because of our industry leading UCaaS and integrated CCaaS solution, proven reliability and broad geographic reach.”
For the quarter, profit was $51 million and non-GAAP free cash flow was $29 million.
We recently compiled a list of 20 top UCaaS providers offering products and services via channel partners.
Non-GAAP operating income was $55 million, compared to a non-GAAP operating income of $39 million in the same period last year.
RingCentral’s Sonalee Parekh
“We achieved a record quarterly non-GAAP operating margin,” said Sonalee Parekh, RingCentral’s CFO. “This showcases our ability to drive strong growth while increasing profitability. All while providing our customers with a leading product and a strong ROI.”
Forecasting for the full year, the unified communications giant said it will maintain a subscription revenue range of roughly $1.89 billion. This represents an annual growth of 27-28%. Overall, the company expects annual revenue growth of 25-26%.
RingCentral marked the quarter with other notable achievements. It launched Vodafone Business UC with RingCentral in Germany. This enables RingCentral’s flagship offering RingCentral Message Video Phone (MVP) with Vodafone’s mobility and 5G capabilities. The company also announced the expansion of the RingCentral Rooms hardware ecosystem and associated feature enhancements.
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