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: RingCentral falls despite beating expectations

RingCentral Inc. RNG shares fell in the extended session Monday even though the enterprise cloud communications company reported results that beat expectations. The Belmont, Calif.-based company’s shares fell 1.5% in after-hours trading, after a 5.4% gain in the regular session to close at $305.36. The company reported second-quarter net income of $509,000, or 1 cent a share, versus a loss of $9.2 million, or 11 cents a share, in the year-ago period. Adjusted earnings were 24 cents a share after adjusting for higher share-based compensation and amortization of intangibles. Revenue rose to $278 million from $215 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 20 cents a share on revenue of $264 million. RingCentral shares are up 81% year to date, while the S&P 500 Index SPX is up 1.25% so far.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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