
Cloud communication provider RingCentral (RNG) experienced a significant surge after reporting its fourth-quarter results, with its stock gaining 34.4% intraday on Feb. 20. The company has gained considerable momentum due to its artificial intelligence (AI) offerings. This year, RingCentral’s stock is up nearly 40% after a slump last year.
The company reported that its annual recurring revenue (ARR) from customers using the tools doubled annually to nearly 10%. RingCentral also recently integrated ChatGPT models into its voice AI offerings, ushering in a new phase of enterprise voice intelligence powered by OpenAI. Such tailwinds have led RingCentral to issue an optimistic outlook for the current year, even surpassing Street analysts’ consensus estimate.