RingCentral Inc (RNG stock) plunged to close out a tremendous week after it topped earnings estimates

NYSE:RNG has had quite the week after crushing another quarterly earnings report by topping Wall Street estimates once again. Shares finally dipped on Friday as RNG fell by 2.48% as investors skimmed off some of the profits after the huge gains made earlier in the week. The stock was up over 12% for the week at its highest point on Thursday but fell back down to Earth on Friday as shares closed the final trading session of the week down at $297.08. 

Earlier in the week, RingCentral once again topped analyst estimates and was highlighted by a nice 30% spike in revenues for the quarter ending September 30th. The cloud-based software company reported earnings per share of $0.26, which is up year-over-year from $0.22 per share in the same quarter of 2019. RingCentral also announced a partnership with unified communications company Avaya (NYSE:AVYA) to provide solutions for video calling, cloud PBX, and other digital solutions to five European countries by the end of the calendar year. Avaya has continued the global rollout of its software which has greatly assisted companies in transitioning employees to a work-from-home environment during the global pandemic.

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RingCentral has been one of the quiet winners of the COVID-19 pandemic, and while it may not be on every investors’ radar, its consistent performance over the past few years has seen it return 1300% to investors who bought in early in 2017. As long as the pandemic continues to force people to work from their homes, RingCentral should be able to capitalize on companies who require the use of video calling and voice over IP dialing.