RingCentral RNG has struck a chord in the Australian market through its recent collaboration with Singtel Optus Pty Limited (Optus).
The outcome of this alliance is the debut of Optus Loop with RingCentral, a state-of-the-art, budget-friendly cloud-based phone solution that is both versatile and portable.
By harnessing RingCentral’s secure and sturdy communication infrastructure, this offering is tailored to meet the needs of businesses of all sizes in Australia, providing them with a dynamic and cost-efficient cloud-based communication service.
Optus Loop with RingCentral empowers businesses to boost interaction and collaboration among their workforce, clients, and partners, irrespective of their geographic location or the use of different devices, facilitating a seamless connection that enhances productivity.
RingCentral’s Robust Portfolio Drives Future Growth
RingCentral is unwavering in its commitment to advancing cloud-based communication solutions, particularly aimed at enhancing accessibility and collaboration for businesses of various sizes in Australia.
During the last quarter, RNG joined forces with Microsoft MSFT to bolster its Enterprise solutions by seamlessly integrating them with Microsoft Teams, garnering substantial customer support in the United States, notably with industry giants such as Republic Airways.
Furthermore, RNG fused its calling capabilities with Microsoft Teams, showcasing confidence in its ability to elevate the platform and offer comprehensive communication solutions.
In that same period, RingCentral unveiled RingCentral Events globally, a comprehensive solution designed for virtual, onsite, and hybrid events, previously known as Hopin Events, which enhances engagement and customization for businesses on a global scale.
The extraordinary success of RingCentral’s Healthcare solution is palpable, boasting a consistent 99.999% reliability rate, cutting-edge products, and top-notch security standards. In the past year and a half, it amassed over 500 new healthcare clients across various enterprise sectors, underlining its lasting impact and significance in the field.
To strengthen its foothold in the healthcare domain, RNG introduced a unified patient care solution that seamlessly integrates with leading Electronic Health Record (EHR) providers like Epic, Cerner, and AllScripts.
Additionally, a partnership with SpinSci harnesses RingCentral’s AI-powered communications suite to improve patient engagement, streamline workflows, and ensure secure and efficient experiences across healthcare organizations worldwide.
Ringing the changes, RingCentral aims to expand its horizons and bolster its revenue through continuous innovation, robust partnerships, and a widespread clientele. These elements are poised to drive top-line growth.
For the initial quarter of 2024, RingCentral anticipates revenues in the range of $575 million to $580 million, indicating a year-over-year growth of 8-9%. The Zacks Consensus Estimate for first-quarter revenues stands at $577.93 million, reflecting an 8.29% year-over-year increase.
Earnings are forecasted to be between 79-80 cents per share. The consensus projection for earnings has edged up by a penny to 79 cents over the past month.
Zacks Rank & Stocks to Consider
Presently, RingCentral holds a Zacks Rank #3 (Hold).
RingCentral’s shares have yielded a return of 5.7% compared to the Computer & Technology sector’s surge of 9.1% year to date.
Some standout stocks in the broader Zacks Computer & Technology sector include Bill Holdings BILL and Cadence Design Systems CDNS, both boasting a Zacks Rank #1. To explore more, check out the complete list of top Zacks #1 Rank stocks.
Bill Holdings has experienced a 17.1% decline in the year-to-date period, with a long-term earnings growth rate projection of 23.64%.
Cadence Design Systems has seen an increase of 12.3% in the year-to-date period, with a current long-term earnings growth rate projection of 17.07%.