Synchronoss Technologies Earnings: Here’s Why Investors are Happy Now
Synchronoss Technologies, Inc. (NASDAQ:SNCR) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 5.89%.
Synchronoss Technologies, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 6.9% to $0.31 in the quarter versus EPS of $0.29 in the year-earlier quarter.
Revenue: Rose 25.09% to $83.8 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Synchronoss Technologies, Inc. reported adjusted EPS income of $0.31 per share. By that measure, the company beat the mean analyst estimate of $0.29. It beat the average revenue estimate of $83.06 million.
Quoting Management: “Both our Activation Services and Cloud Services delivered a strong performance during the second quarter, leading to total revenue that exceeded our expectations,” said Stephen G. Waldis, Founder and Chief Executive Officer of Synchronoss. “Our second quarter was highlighted by many successful deployments in our Personal Cloud Services offerings, and very encouraging initial subscriber adoption rates and customer forecasts for storage growth. Synchronoss is well positioned to participate in this growth opportunity based on our highly differentiated cloud services platform, proven track record and Tier One customer base.”
Key Stats (on next page)…
Revenue increased 7.05% from $78.28 million in the previous quarter. EPS increased 10.71% from $0.28 in the previous quarter.
Looking Forward: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a profit of $0.35 and has not changed. For the current year, the average estimate is a profit of $1.33, which is the same with that ninety days ago.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)