End of Performance Rally? U.S. Cloud Stocks Lose $320 Billion in a Day

RingCentral Inc. (NYSE: RNG) shares plunged 8.02% on the U.S. market on the 13th, closing at $38.51. Trading volume rose to 1.455 million shares, and the company’s market capitalization fell to about $2.87 billion (roughly ₩4.3 trillion), wiping out around $210 million (approximately ₩320 billion) in a single day.

In its Q1 FY2026 results announced on May 7, RingCentral reported revenue of $644.2 million (about ₩960 billion) and adjusted EPS of $1.20, modestly beating market expectations. The company also issued full-year guidance calling for 4–5% revenue growth and margin expansion. At the same time, it refinanced approximately $609 million (around ₩900 billion) of 2026-maturing convertible notes with new debt, lowering leverage to about 1.6x and avoiding any significant debt maturities until 2030.

Headquartered in California, RingCentral offers cloud-based enterprise voice and video conferencing, messaging and call-center solutions under a subscription model, which drives a high proportion of recurring revenue. After a period of losses, the company has expanded profitability and grown its large-enterprise and telecom-carrier customer base through cost controls, product-mix improvements and partnerships with established telecom equipment vendors such as Mitel.