BELMONT, Calif. (AP) — BELMONT, Calif. (AP) — RingCentral Inc. (RNG) on Tuesday reported a loss of $28.5 million in its first quarter.

The Belmont, California-based company said it had a loss of 31 cents per share. Earnings, adjusted for one-time gains and costs, came to 87 cents per share.

The results surpassed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 80 cents per share.

The cloud-based phone system provider for small businesses posted revenue of $584.2 million in the period, also surpassing Street forecasts. Ten analysts surveyed by Zacks expected $577.8 million.

For the current quarter ending in June, RingCentral expects its per-share earnings to range from 87 cents to 88 cents.

The company said it expects revenue in the range of $584.5 million to $587.5 million for the fiscal second quarter.

RingCentral expects full-year earnings in the range of $3.59 to $3.67 per share, with revenue ranging from $2.38 billion to $2.4 billion.

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