Shares of SaaS solutions provider RingCentral (NYSE:RNG) are on the upmove today on the back of the company’s third-quarter showing and after it announced a headcount trim.
The top line surged 22.8% year-over-year to $509.03 million, surpassing estimates by ~$6.3 million. EPS at $0.55 too, came in ahead of expectations by $0.04. The figures exceeded the upper end of the company’s outlook on key metrics.
Impressively, both subscriptions revenue, as well as the ARR of the company, increased by 25% during this period.
Looking ahead, for full-year 2022, RNG expects total revenue to land between $1.987 billion and $1.993 billion implying a 25% annual growth. Further, the company now expects EPS to range between $1.97 and $1.98. This is an upward revision over its previous EPS estimate range of $1.91 and $1.95.
In an effort to align its cost base with the current environment, RNG is reducing its workforce by about 10%. RNG expects to incur restructuring costs between $10 million and $15 million as a result.
At the same time, shares of the company have tanked nearly 88% over the past year.
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