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.
It's incredible to think just how much of our digital and technological lives are almost entirely shaped 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 Shares Jumped 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.