Synchronoss Technologies (SNCR) Beats Forecasts, Falls 4%
February 04, 2010 5:27 PM
Synchronoss Technologies, Inc. (Nasdaq: SNCR) reported on Thursday that its 4th quarter profits rose by 67%.
Synchronoss Technologies, Inc. reported a profit of $4.5 million, or 14 cents per share, compared with earnings of $2.7 million, or 9 cents per share for the previous year's 4th quarter.
Revenue rose 14% from $31.2 million to $35.6 million in the previous year's 4th quarter.
Excluding one time charges, the provider of transaction management software platforms earned $6.3 million, or 20 cents per share.
According to a survey of analysts by Thomson Reuters, the consensus forecast for Synchronoss Technologies, Inc. was earnings of 18 cents per share on $34.4 million in revenue.
Despite exceeding analyst forecasts and posting an impressive rise in profits, Synchronoss Technologies, Inc. shares were down more than 4% for the day, as stocks across the board were punished for higher than expected unemployment numbers.
