Shares of Synchronoss fell 6.1% in Monday’s extended trading session after the company forecasted 2021 revenues that came in below consensus estimates. Meanwhile, the cloud messaging and digital solution and services provider reported better-than-expected 4Q results. Synchronoss (SNCR) reported a non-GAAP net loss of $0.19 per share in 4Q, significantly narrower than the Street’s estimate of a $0.53 loss per share. However, the loss widened on a year-over-year basis from $0.06 cents reported in the year-ago quarter. Revenues of $69.4 million topped analysts’ expectations of $67.7 million but declined 23.4% year-over-year. (See Synchronoss stock analysis on TipRanks) Meanwhile, adjusted gross margin improved 580 basis points to 59.
https://www.tipranks.com/news/synchronoss-disappoints-with-2021-revenue-outlook-stock-slips-6