SAN MATEO, Calif.--(BUSINESS WIRE)-- RingCentral, Inc. (NYSE: RNG), a leading provider of cloud-business communications solutions, today announced financial results for the third quarter ended September 30, 2014.
Revenue increased 36% year-over-year to $56.9 million.
Total annualized exit monthly recurring subscriptions were up 37% year-over-year to $219.8 million.
RingCentral Office® annualized exit monthly recurring subscriptions were up 53% year-over-year to $153.7 million.
Revenue: Total revenue was $56.9 million for the third quarter of 2014, up 36% from the third quarter of 2013. Services revenue was $52.0 million for the third quarter of 2014, up 37% from the third quarter of 2013. Product revenue was $5.0 million for the third quarter of 2014, up 25% from the third quarter of 2013.
Net Income (Loss): Net income (loss) per diluted share was ($0.18) for the third quarter of 2014 compared with ($0.36) for the third quarter of 2013. Non-GAAP net income (loss) per diluted share was ($0.11) for the third quarter of 2014, compared with ($0.32) per diluted share for the third quarter of 2013.
Balance Sheet: Total cash and short-term investments at the end of the third quarter of 2014 were $149.4 million, compared to $151.4 million at the end of the second quarter of 2014.
RingCentral Meetings offering earned a 2014 Internet Telephony TMC Labs Innovation Award, for its innovative technology enabling online meetings with HD video and web conferencing on any device.
Received the “Global Excellence Award for Outstanding Product/Service”, recognizing its innovative mobile-centric approach to cloud-based business communications technology.
Named to the inaugural CRN Cloud Partner Program Guide, a valuable resource used by solution providers to connect and partner with the IT industry’s top cloud technologies.
What: RingCentral financial results for the third quarter of 2014 and outlook for the fourth quarter and full year of 2014.
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RingCentral, Inc. (NYSE: RNG) is a leading provider of cloud-based business communications solutions. Easier to manage and more flexible than on-premise communications phone systems, RingCentral’s cloud solution meets the needs of modern distributed and mobile workforces, while eliminating the expense and complications of on-premise traditional hardware-based systems and software. RingCentral is headquartered in San Mateo, California.
This press release contains “forward-looking statements”, including statements regarding the continued adoption of our cloud-based offerings by large businesses and our future operating results. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on assumptions that may prove to be incorrect, which could cause actual results to differ materially from those expected or implied by the forward-looking statements. Among the important factors that could cause actual results to differ materially from those in any forward-looking statements are: our ability to grow at our expected rate of growth; our ability to add and retain larger customers and enter new geographies and markets; our ability to continue to release, and gain customer acceptance of, new and improved versions of our services; our ability to compete successfully against existing and new competitors; our ability to enter into and maintain relationships with carriers and other resellers; our ability to manage our expenses and growth; and general market, political, economic, and business conditions; as well as those risks and uncertainties included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our Form 10-Q for the quarter ended June 30, 2014, filed with the Securities and Exchange Commission; and in other filings we make with the Securities and Exchange Commission from time to time.