RingCentral, Inc. (NYSE: RNG), a provider of global enterprise cloud communications and collaboration solutions, has announced financial results for the third quarter ended September 30, 2017, the company said.
Total revenue was USD 129.8 million for the third quarter of 2017, up from USD 96.8 million in the third quarter of 2016, representing 34% growth. Total gross margin was 76.3% for the third quarter of 2017, up 0.5% points compared to 75.8% in the third quarter of 2016.
As of January 1, 2017, RingCentral transitioned from an agency model to a direct phone sales model, under which RingCentral will be recognizing the full sale price and cost of the product instead of receiving a commission for phone sales. Adjusting for the new direct model on a comparable basis, total revenue grew 31% year over year and the total gross margin would have been 2.2% higher year over year.
RingCentral is a provider of global enterprise cloud communications and collaboration solutions. More flexible and cost-effective than legacy on-premises systems, RingCentral empowers today´s mobile and distributed workforce to communicate, collaborate, and connect from anywhere, on any device. RingCentral is headquartered in Belmont, California, and has offices around the world.