Synchronoss Disappoints With 2021 Revenue Outlook; Stock Slips 6%
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.