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Synchronoss Disappoints With 2021 Revenue Outlook; Stock Slips 6%

Shares of Synchronoss fell 6.1% in Monday’s extended trading session after the company forecasted 2021 revenues that came in below consensus estimates. Meanwhile, the cloud messaging and digital solution and services provider reported better-than-expected 4Q results. Synchronoss (SNCR) reported a non-GAAP net loss of $0.19 per share in 4Q, significantly narrower than the Street’s estimate of a $0.53 loss per share. However, the loss widened on a year-over-year basis from $0.06 cents reported in the year-ago quarter. Revenues of $69.4 million topped analysts’ expectations of $67.7 million but declined 23.4% year-over-year. (See Synchronoss stock analysis on TipRanks) Meanwhile, adjusted gross margin improved 580 basis points to 59.8%, mainly driven by efficient cost management. Adjusted EBITDA of $6.41 million was slightly lower than the year-ago quarter’s adjusted EBITDA of $6.49. Synchronoss CFO David Clark said, “Our fourth quarter and year end resu ....

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Synchronoss Technologies, Inc. Reports Inducement Grants to Employees Under Nasdaq Listing Rule 5635(c)(4)

BRIDGEWATER, N.J., Feb. 22, 2021 (GLOBE NEWSWIRE) Synchronoss Technologies, Inc. (SNCR) (the “Company” or “Synchronoss”), a global leader and innovator in cloud, messaging, digital, and IoT products and platforms, today announced that the Company issued restricted stock and stock option awards to three newly hired employees. Each of these grants was an inducement award that was approved by the Compensation Committee of Synchronoss’ Board of Directors, and granted as an inducement equity award under the Company's 2017 New Hire Equity Incentive Plan in accordance with Nasdaq Listing Rule 5635(c)(4). Synchronoss granted the three newly hired employees an aggregate of 5,925 time-based restricted stock awards. The shares of restricted stock will vest 25% on the first, second, third and fourth anniversary of the grant date subject to continuous service thereafter. In addition, the employees received an aggregate of 1,975 time-based stock option award ....

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