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Why RingCentral Stock Tumbled Almost 18% in May

TheMotleyFool

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Why RingCentral Stock Tumbled Almost 18% in MayPhoto, wide shot, wide-angle lens, Telecom equipment supplier, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Michael Light: https://img.theapi.app/temp/ad10ed87-71d0-4096-a50b-ba9470f8264b.png

Shares of RingCentral (NYSE: RNG) tumbled 17.7% in May, according to data provided by S&P Global Market Intelligence, as the cloud-based workplace communication and collaboration platform looks to be having difficulty shedding the image that it's more than just a pandemic play.

Much like Zoom Video Communications (NASDAQ: ZM), with which it partners (but is increasingly becoming a competitor to), RingCentral's business boomed during the COVID-19 outbreak as many employees were forced to work from home and use cloud-based video and teleconferencing technology.

Image source: Getty Images.

Source Fool.com

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