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RingCentral Launched AIR & AVA—Are These AI Assistants the Real Product Pivot Wall Street Is Missing?

RingCentral’s third quarter of 2025 results reveal a mix of strengths and challenges that construct a complex portrait for potential investors. On the positive side, RingCentral reported a steady 6% year-over-year growth in subscription revenue, driven by the core business and an increasing share from its AI-led product portfolio. The introduction of AI-driven solutions like AIR, AVA, and ACE, which enhance customer interaction and engagement, is a strategic move aimed at increasing the company’s competitive edge in the AI communications space. Revenue from key verticals such as healthcare, financial services, retail, and professional services continues to represent over half of the business, underscoring a stable base of operation. Moreover, RingCentral is emphasizing profitability with a 22.8% non-GAAP operating margin, highlighting its focus on efficient cost management and operational leverage.