RingCentral shares are trading lower after the company issued Q1 and FY24 revenue guidance and Q1 adjusted EPS guidance below estimates.
Portfolio Pulse from Benzinga Newsdesk
RingCentral's shares dropped following the company's announcement of Q1 and FY24 revenue guidance, along with Q1 adjusted EPS guidance, which were all below market expectations.
February 20, 2024 | 10:00 pm
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NEGATIVE IMPACT
RingCentral's stock price is expected to face downward pressure in the short term due to the issuance of lower-than-expected Q1 and FY24 revenue guidance, along with disappointing Q1 adjusted EPS guidance.
Stock prices often react negatively to financial forecasts that fall short of market expectations. In this case, RingCentral's announcement of lower-than-expected revenue and EPS guidance for both Q1 and the full year FY24 is likely to erode investor confidence and exert downward pressure on the stock price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100