Synchronoss Technologies Inc Stock Price, News & Analysis

Synchronoss Technologies (NASDAQ: SNCR) announced its participation in the 16th Annual Needham Virtual Technology & Media Conference on May 19, 2021, at 3:45 p.m. ET. A live webcast and a replay will be accessible via the company's Investor Relations site, and the firm will conduct individual and small group meetings with investors throughout the day. Synchronoss focuses on transforming business operations through innovative cloud, messaging, and digital platforms, serving hundreds of millions of subscribers globally.

Synchronoss Technologies Inc. (NASDAQ: SNCR) announced its Q1 2021 financial results, reporting a GAAP revenue of $65.5 million, a 15.1% decline from the previous year. The company experienced a GAAP net loss of $22.6 million or $0.53 per share. Recurring revenue constituted 86% of total revenue. Adjusted EBITDA rose significantly to $5.5 million, up 215% year-over-year. Synchronoss signed new contracts in Southeast Asia and expanded its partnership with Telecom Italia Mobile, while raising its adjusted EBITDA guidance for 2021 to between $32 million and $37 million.

Synchronoss Technologies (NASDAQ: SNCR) announced it will release its First Quarter 2021 financial results on May 10, 2021, after market close. Following the results, management will host a conference call at 4:30 p.m. ET to discuss the financial outcomes. Investors can access the call by dialling 877-930-7767 or +1 253-336-7416 for international participants. The call will also be available via a live and archived webcast on their website.

Synchronoss Technologies, Inc. (SNCR) announced the issuance of restricted stock and stock option awards to seven newly hired employees as part of its 2017 New Hire Equity Incentive Plan. The total grants include 5,925 time-based restricted stock awards and 1,975 stock option awards, both vesting 25% annually over four years contingent upon continuous service. The Compensation Committee approved these inducement awards in compliance with Nasdaq Listing Rule 5635(c)(4).

Synchronoss Technologies (SNCR) has partnered with Telkomsigma to launch the Synchronoss Personal Cloud solution across 25 Indonesian universities, targeting over 450,000 students over three years. The cloud service enables secure storage, sharing, and transfer of academic documents. Starting in September, first-year students will be onboarded. The solution adheres to local data privacy regulations by allowing data storage within Indonesia, thus providing peace of mind for academic institutions and students.

Synchronoss Technologies (SNCR) announced a partnership with Allstate Protection Plans to integrate its Personal Cloud solution into selected device protection offerings. This collaboration aims to enhance customer satisfaction by allowing users to safely back up important digital assets from their Android and iOS devices. The solution will automate backups and provide features like photo editing and instant slideshows, reinforcing customer relationships and loyalty. Both companies anticipate improved service for their customers and the potential for increased revenues.

Synchronoss Technologies (SNCR) announced the issuance of restricted stock and stock options to six newly hired employees. A total of 6,600 restricted stock awards and 2,200 stock options were granted, all structured as inducement awards under the 2017 New Hire Equity Incentive Plan. The awards will vest 25% annually over four years, contingent on continued service. This move is part of Synchronoss' strategy to attract talent and enhance its growth in cloud, messaging, and digital products.

Synchronoss Technologies (NASDAQ: SNCR) will take part in the 33rd Annual ROTH Conference from March 15-17, 2021. CEO Jeff Miller and CFO David Clark will engage in a fireside chat on March 15 at 9:00 am ET, hosted by ROTH's Senior Software Research Analyst, Richard K. Baldry, CFA. Additionally, they will hold virtual meetings with investors. Interested participants can register by emailing registration@roth.com. A live webcast of the event will be available on Synchronoss’ investor relations website.

Synchronoss Technologies (NASDAQ: SNCR) reported a fourth-quarter revenue of $69.4 million, a 23.4% decline from the previous year. For 2020, total GAAP revenue was $291.7 million, down 5.5%. The company incurred a GAAP net loss of $10.9 million in Q4 and $48.7 million for the year. However, adjusted EBITDA was stable at $6.4 million for the quarter and $27.8 million for the year. Looking forward, the company expects full-year 2021 revenue between $275 million and $285 million with adjusted EBITDA guidance of $30 million to $35 million, indicating growth.