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Synchronoss Drops 16% Despite Q1 Beat
Posted on May 07, 2012 at 17:12 PM EDT
Shares of telecom software provider Synchronoss Technologies (SNCR) are down $4.44, or almost 16%, at $23.90 in late trading despite the company this afternoon reporting Q1 revenue and profit ahead of analysts’ expectations. Revenue in the three months ended in March rose 21.5%, year over year, to $64.9 million, yielding EPS of 26 cents a [...]
Shares of telecom software provider Synchronoss Technologies (SNCR) are down $4.44, or almost 16%, at $23.90 in late trading despite the company this afternoon reporting Q1 revenue and profit ahead of analysts’ expectations. Revenue in the three months ended in March rose 21.5%, year over year, to $64.9 million, yielding EPS of 26 cents a share, toward the higher end of the company’s forecast range of $64 million to $65 million and 24 cents to 25 cents. Analysts had been modeling $64.2 million and 25 cents a share. CEO Stephen Waldis said he was “pleased” with the results, while CFO Lawrence Irving noted gross margin expanded by 1.5 percentage points from the prior-year level. The company’s conference call with analysts is ongoing, having started at 4:30 pm, Eastern. You can catch the rest of it via webcast here. Related Stocks:
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