RingCentral Inc (RNG) released its first quarter results on Wednesday, May 5, 2021. The company reported net earnings of $0.00 per share for the first quarter ending March 31, 2021. Earnings for this past quarter were up 100 percent compared to the same period a year ago.
The company was incorporated in 1999 and is headquartered in Belmont, California. RingCentral, Inc. provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.
RingCentral's revenue increased 31 percent over the past trailing twelve-month period versus the previous twelve-month period. Gross margins increased to 79.18% for the first quarter compared to the same period in the previous year, and operating margins decreased to 11.8% over the same period. Net earnings for past trailing twelve months were $-22.46 million, up 79% from the prior year.
Moving on to the balance sheet, RingCentral's cash levels dropped 39% for the first quarter over the same period last year. Overall liquidity of the balance sheet, as measured by the current ratio, decreased 50.19% this past year. The current ratio for RingCentral now stands at 1.51. The company increased shares outstanding by 4.01%.
Shares of RNG are currently trading around $290.96. In terms of valuation, the stock is trading at a price to book ratio of 121.42.