RingCentral, Inc. (NYSE: RNG), a leading provider of AI-powered global enterprise cloud communications, video meetings, collaboration, and contact center solutions, today announced financial results for the first quarter ended March 31, 2023.
First Quarter Financial Highlights
- Total revenue increased 14% year over year to $534 million.
- Subscriptions revenue increased 16% year over year to $508 million.
- Annualized Exit Monthly Recurring Subscriptions (ARR) increased 14% year over year to $2.16 billion.
- Mid-market and Enterprise ARR increased 15% year over year to $1.33 billion.
- GAAP operating margin of (10.2%), compared to (22.1%) in the prior year.
- Non-GAAP operating margin of 17.2%, up 680 basis points year-over-year and a quarterly record
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