Synchronoss Technologies plunges 41% after giving weak Q2 outlook
Synchronoss Technologies, Inc. (Nasdaq:SNCR) shares are in a downward spiral after the Bridgewater, N.J.-based communications software maker forecasted second-quarter earnings in the range of $0.10 to $0.11 per share. Wall Street analysts expect earnings of $0.19 per share. Synchronoss gets paid for each iPhone activated with a carrier that officially provides service for the device. The firm said late Tuesday that the practice of “unlocking” iPhones – which does not provide the company with revenue – is a significant problem.
The company also said it projects second-quarter revenue of between $24 million and $25 million. Wall Street is looking for $35.2 million in revenue.
In Wednesday morning trading, SNCR shares are plunging 41.4%, or $9.48, at $13.42. For detailed price information and recent news stories about Synchronoss Technologies, click SNCR.
