Synchronoss Technologies Inc Stock Price, News & Analysis

Synchronoss Technologies (NASDAQ: SNCR) will host a conference call on August 9, 2022, at 4:30 p.m. ET to discuss its Q2 2022 financial results, which will be released prior to the call. Registration for the call is required at least 10 minutes in advance. The call will include a presentation from management and a Q&A session. It can be accessed live and will be available for replay shortly after.

Synchronoss Technologies (Nasdaq: SNCR) has announced new certifications for its Personal Cloud and Email Suite, now validated on Alibaba Cloud and Google Cloud. This expansion allows customers to deploy these services in multi-cloud environments across global markets. With over 250 million subscribers utilizing Synchronoss products, the certifications enhance performance, security, and compliance while supporting data sovereignty. The company is strategically positioned to deliver reliable, cost-effective solutions in Asia and beyond.

Synchronoss Technologies (SNCR) announced on June 29, 2022, the issuance of restricted stock and stock option awards to six new employees as part of its 2017 New Hire Equity Incentive Plan. A total of 5,775 time-based restricted stock awards and 1,925 time-based stock option awards were granted, with vesting occurring over four years, contingent upon continuous service. This initiative aims to enhance employee retention and align their interests with the company’s growth, reflecting a commitment to expanding the workforce in cloud and digital services.

Synchronoss Technologies (Nasdaq: SNCR) has resolved its legacy investigation by the SEC regarding financial data restatements from 2013 to 2016. The company will pay a civil penalty of $12.5 million in quarterly installments over two years, an expense already accrued in its financial statements. CEO Jeff Miller expressed satisfaction with the settlement, viewing it as beneficial for shareholders and stakeholders, and highlighted a continued focus on strategic growth initiatives.

Synchronoss Technologies (Nasdaq: SNCR) announced the issuance of restricted stock and stock option awards totaling 34,800 shares to five newly hired employees as inducement awards under its 2017 New Hire Equity Incentive Plan. The awards include 18,600 restricted stock awards and 16,200 stock option awards, with a vesting schedule of 25% annually over four years, contingent on continuous service. This move highlights Synchronoss's commitment to attracting talent and fostering growth in its cloud, messaging, and digital products sector.

iQmetrix has successfully acquired the Digital Experience Platform and Activation Solutions from Synchronoss Technologies for $14 million. This acquisition allows iQmetrix to enhance its telecom retail management software with advanced digital technologies, aiming to improve consumer experiences. The deal brings approximately 100 employees into iQmetrix's fold, establishing its first office in Bangalore, India. The transaction aligns with iQmetrix's goal of becoming a leading enabler of personal connected devices globally.

Synchronoss Technologies (Nasdaq: SNCR) has completed the sale of its Digital Experience Platform (DXP) and Activation Solutions to iQmetrix. This divestiture, initially announced on March 8, 2022, aligns with Synchronoss's strategic plan to streamline operations and focus on core growth areas. CEO Jeff Miller noted that the sale enhances operational flexibility and capital structure, facilitating the development of new products in key areas such as cloud offerings. The remaining portfolio includes Financial Analytics and spatialSUITE products.

Synchronoss Technologies reported a 1% year-over-year revenue increase to $65.9 million for Q1 2022, driven by an 18% growth in Cloud subscribers. Net loss improved to $5.6 million, and Adjusted EBITDA rose 109% to $11.6 million. The company maintains its 2022 revenue outlook, projecting total revenue between $260 million and $275 million, while raising its adjusted EBITDA expectations to $45 million to $55 million. The launch of new Cloud services and partnerships with major carriers like Verizon and AT&T were highlighted as key growth drivers.