Why Synchronoss Shares Jumped

Why Synchronoss Shares Jumped

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 jumped today by as high as 16% after the company reported earnings.

So what: Adjusted revenue in the quarter added up to $85.2 million, beating the Street's best guess of $83.1 million. Non-GAAP earnings per share of $0.31 were also ahead of the $0.29 per share consensus estimate.

Now what: CEO Stephen G. Waldis said Synchronoss beat its own sales expectations, and initial subscriber adoption rates are encouraging. CFO Lawrence R. Irving said the company met its profitability goals and continued investing in its cloud services business. Cloud services grew 30% from a year ago and now comprise nearly a third of total revenue.

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

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The article Why Synchronoss Shares Jumped originally appeared on Fool.com.

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