Why Synchronoss Technologies Shares Popped

Before you go, we thought you'd like these...
Before you go close icon

Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Synchronoss Technologies have popped today by as much as 12% after the company announced first-quarter results that topped expectations.

So what: Revenue in the first quarter totaled $79.5 million on an adjusted basis, easily topping the $76.6 million in sales that the Street was modeling for. Non-GAAP earnings per share were right on target at $0.28. CEO Stephen Waldis said the figures exceeded internal expectations thanks to strong business momentum.


Now what: Cloud services revenue grew 29% and now accounts for 30% of sales, thanks to sales at tier one mobile operator customers. Synchronoss also said it was expanding its senior leadership team by appointing Nick Lazzaro as president of North America. Lazzaro has two decades of experience in technology and telecommunications.

Interested in more info on Synchronoss Technologies? Add it to your watchlist by clicking here.

It's incredible to think just how much of our digital and technological lives are almost entirely shaped and molded by just a handful of companies. Find out "Who Will Win the War Between the 5 Biggest Tech Stocks?" in The Motley Fool's latest free report, which details the knock-down, drag-out battle being waged by the five kings of tech. Click here to keep reading.

The article Why Synchronoss Technologies Shares Popped originally appeared on Fool.com.

Fool contributor Evan Niu, CFA has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners