DOW JONES NEWSWIRES
Synchronoss Technologies Inc.'s (SNCR) fourth-quarter net income
sank 60% on lower revenue because of a halt in sales of Apple
Inc.'s (AAPL) iPhone.
Synchronoss is best known for providing technology that allows
the iPhone to connect to AT&T Inc.'s (T) wireless network.
Shares jumped 12% to $9.45 in after-hours trading as the results
topped Wall Street's expectations.
"The company's momentum continued in the fourth quarter,
resulting in solid sequential revenue growth and profitability,"
said Chief Executive Stephen Waldis.
Waldis noted the company's new three-year agreement with
AT&T.
The communications-software firm reported net income of $2.7
million, or 9 cents a share, down from $6.6 million, or 20 cents a
share, a year earlier. Excluding items, earnings fell to 12 cents a
share from 22 cents.
Revenue dropped 14% to $31.2 million because of a reduction in
revenue related to the iPhone. Apple halted sales for several weeks
last year as it prepared to launch its new 3G version of the device
in July.
Analysts' estimates were for per-share earnings of 10 cents on
revenue of $30.5 million, according to a poll by Thomson
Reuters.
Synchronoss said AT&T accounted for 64% of the company's
revenue, down from 76% a year earlier.
-By Kathy Shwiff, Dow Jones Newswires; 201-938-5975;
Kathy.Shwiff@dowjones.com