Synchronoss Technologies Shares Rallied: What You Need to Know
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 (NAS: SNCR) rallied today by upwards of 14% after the company reported fourth-quarter earnings last night.
So what: Sales added up to $62.3 million, slimly topping the market's expectation of $61.6 million. Earnings per share registered a bigger beat by coming in at $0.34, compared to the $0.23 estimate.
Now what: Synchronoss played and won the guidance game, forecasting full-year 2012 sales of $280 million to $290 million with earnings per share expected to be between $1.07 and $1.11, topping estimates on both counts. CEO Stephen Waldis said, "We experienced strong transaction volumes related to smartphones and connected devices which led to increased automation rates and much-stronger-than-expected profitability."
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