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