Revenue Growth - Net revenues increased by $2.4 million to $43.5 million for the three months ended June 30, 2024, compared to the same period in 2023, primarily due to continued cloud subscriber growth [147]. - Net revenues increased by $3.4 million to $86.4 million for the six months ended June 30, 2024, compared to the same period in 2023, driven by cloud subscriber growth [153]. Cost Reductions - Cost of revenues decreased by $1.1 million to $10.4 million for the three months ended June 30, 2024, attributed to reduced employee costs from restructuring measures [148]. - Cost of revenues decreased by $1.8 million to $20.6 million for the six months ended June 30, 2024, primarily due to reduced employee costs from restructuring [154]. - Research and development expenses decreased by $1.4 million to $11.9 million for the three months ended June 30, 2024, due to restructuring and cost-saving initiatives [148]. - Research and development expenses decreased by $3.8 million to $22.2 million for the six months ended June 30, 2024, as a result of restructuring measures [155]. - Selling, general and administrative expenses decreased by $4.5 million to $12.8 million for the three months ended June 30, 2024, mainly from reduced employee costs and lower professional fees [149]. - Total costs and expenses decreased by $12.5 million to $77.6 million for the six months ended June 30, 2024, compared to the same period in 2023 [153]. Operational Performance - Income from operations increased by $15.9 million to $8.9 million for the six months ended June 30, 2024, compared to a loss of $7.0 million in the same period in 2023 [153]. Taxation - The effective tax rate was approximately 122.3% for the three months ended June 30, 2024, significantly higher than the U.S. federal statutory rate due to changes in the mix of pre-tax income and losses [152]. - Income tax expense rose to approximately $3.3 million for the six months ended June 30, 2024, from $0.8 million in the same period in 2023, with an effective tax rate of 45.4% [157]. - Unrecognized tax benefits associated with uncertain tax positions amounted to $4.4 million as of June 30, 2024 [169]. Cash Flow and Liquidity - Cash and cash equivalents balance was $23.6 million as of June 30, 2024, with principal sources of liquidity being cash provided by operations [158]. - Cash provided by operating activities was $11.8 million for the six months ended June 30, 2024, compared to $12.6 million for the same period in 2023 [163]. - Cash used in investing activities decreased to $7.5 million for the six months ended June 30, 2024, from $10.3 million in the same period in 2023 [163]. - Cash used in financing activities was $5.1 million for the six months ended June 30, 2024, compared to $4.9 million in the same period in 2023 [164]. - The company entered into a Credit Agreement establishing a senior secured term loan facility of up to $75.0 million, fully funded on the Effective Date [158]. Long-term Obligations - The company’s total long-term contractual obligations were approximately $308.0 million as of June 30, 2024 [168]. Interest Rate Sensitivity - A hypothetical 100 basis point movement in interest rates would affect interest income by approximately $0.2 million annually and interest expense on the debt by $0.8 million annually [179][180].

J Studios/DigitalVision via Getty Images This article analyzes Synchronoss Technologies, Inc. (NASDAQ:SNCR) Q2 2024 results and the earnings call. It also reviews the company's valuation since my last article in February. Synchronoss' results for the year were in line with guidance and expectations, delivering mid-single-digit top-line growth with good operating leverage after divestment in 2023. This operating leverage has led to the company recovering operating profitability, an important point given its ...

Synchronoss (SNCR) came out with quarterly earnings of $0.48 per share, beating the Zacks Consensus Estimate of $0.07 per share. This compares to loss of $0.27 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 585.71%. A quarter ago, it was expected that this mobile services company would post a loss of $0.50 per share when it actually produced earnings of $0.44, delivering a surprise of 188%. Over the last four quarters, the c ...

Synchronoss Technologies (SNCR) is set to release its second-quarter 2024 results on Aug 6. The Zacks Consensus Estimate for the top line is currently pegged at $43.09 million, indicating a 27.84% decline from the year-ago quarter's reported figure. The consensus mark for earnings is pegged at 7 cents per share, unchanged in the past 30 days. Quarterly earnings beat the Zacks Consensus Estimate in three of the trailing four quarters while missing the same on one occasion, the average surprise being 28.82%. ...

Synchronoss (SNCR) closed the most recent trading day at $10.01, making no change from the previous trading session. The stock exceeded the S&P 500, which registered a loss of 2.32% for the day. At the same time, the Dow lost 1.25%, and the tech-heavy Nasdaq lost 3.64%. The investment community will be closely monitoring the performance of Synchronoss in its forthcoming earnings report. The company is scheduled to release its earnings on August 6, 2024. The company's upcoming EPS is projected at $0.07, sign ...

BRIDGEWATER, N.J., July 23, 2024 (GLOBE NEWSWIRE) -- Synchronoss Technologies Inc. ("Synchronoss" or the "Company") (NASDAQ:SNCR), a global leader and innovator in Personal Cloud platforms, will hold a conference call on Tuesday, August 6, 2024 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss its financial results for the second quarter ended June 30, 2024. Financial results will be issued in a press release prior to the call. Please register online at least 10 minutes prior to the start time. ...

Synchronoss (SNCR) ended the recent trading session at $9.87, demonstrating a +1.54% swing from the preceding day's closing price. The stock outpaced the S&P 500's daily loss of 1.39%. Meanwhile, the Dow experienced a rise of 0.6%, and the technology-dominated Nasdaq saw a decrease of 2.77%. Coming into today, shares of the mobile services company had gained 25.42% in the past month. In that same time, the Computer and Technology sector gained 1.25%, while the S&P 500 gained 4.43%. Market participants will ...

The the stock of mobile services company has risen by 8.8% in the past month, lagging the Computer and Technology sector's gain of 9.48% and overreaching the S&P 500's gain of 5.11%. Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Synchronoss. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook. Valuation is also importa ...

When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important? Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Synchronoss (SNCR) . Synchronoss currently has an average brokerage recommendation (ABR) of 1. ...

BRIDGEWATER, N.J., July 01, 2024 (GLOBE NEWSWIRE) -- Synchronoss Technologies Inc. ("Synchronoss" or the "Company") (Nasdaq: SNCR), a global leader and innovator in Personal Cloud platforms, is set to join the Russell Microcap® Index at the conclusion of the 2024 Russell US Indexes annual reconstitution, effective after the US market opens today, July 1. The annual Russell US Indexes reconstitution captures the 4,000 largest US stocks as of Tuesday, April 30, ranking them by total market capitalization. Mem ...