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