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Synchronoss Technologies Inc (NASDAQ: SNCR) is a global leader in providing innovative personal cloud solutions and software-based activation services for connected devices. With a strong focus on helping consumers and enterprises maintain secure and seamless digital experiences, Synchronoss offers a robust suite of white-label cloud, messaging, digital, and network management solutions. These solutions enable customers to synchronize, connect, and manage their digital content and services across multiple devices and platforms.
The company's flagship product, the Synchronoss Personal Cloud™, is designed to deliver a secure, highly scalable platform that telecom operators and mobile service providers can customize and brand. This platform allows users to back up, protect, engage with, and manage their personal content, thereby enhancing customer experience and loyalty. Recently, the platform was updated to include new AI photo editing features and a streamlined onboarding process, making it easier for subscribers to secure their digital memories and content.
Synchronoss Technologies has forged significant partnerships with major telecom operators such as AT&T, Verizon, and SoftBank, deploying its solutions to millions of subscribers worldwide. The company generates its revenue primarily from subscriptions and transaction-based fees, with the majority of its income coming from the United States.
In recent developments, Synchronoss announced the focus on its Cloud business following the sale of its Messaging and NetworkX businesses. This strategic move allows the company to concentrate its resources and expand its services for existing and new Cloud customers. Additionally, Synchronoss has enhanced its capital structure and sharpened its focus as a pure-play cloud company.
Under the leadership of President and CEO Jeff Miller, Synchronoss continues to innovate and expand its product offerings. The introduction of Enhanced Plans and the advancements in the Genius AI capabilities underscore their commitment to delivering cutting-edge solutions that meet the evolving needs of their subscribers.
Synchronoss remains committed to providing carrier-grade solutions that prioritize data security and privacy, enabling service providers to offer branded, value-added services that reduce churn and increase average revenue per user (ARPU).
Synchronoss Technologies (SNCR) announced the issuance of restricted stock and stock options to six newly hired employees. A total of 6,600 restricted stock awards and 2,200 stock options were granted, all structured as inducement awards under the 2017 New Hire Equity Incentive Plan. The awards will vest 25% annually over four years, contingent on continued service. This move is part of Synchronoss' strategy to attract talent and enhance its growth in cloud, messaging, and digital products.
Synchronoss Technologies (NASDAQ: SNCR) will take part in the 33rd Annual ROTH Conference from March 15-17, 2021. CEO Jeff Miller and CFO David Clark will engage in a fireside chat on March 15 at 9:00 am ET, hosted by ROTH's Senior Software Research Analyst, Richard K. Baldry, CFA. Additionally, they will hold virtual meetings with investors. Interested participants can register by emailing registration@roth.com. A live webcast of the event will be available on Synchronoss’ investor relations website.
Synchronoss Technologies (NASDAQ: SNCR) reported a fourth-quarter revenue of $69.4 million, a 23.4% decline from the previous year. For 2020, total GAAP revenue was $291.7 million, down 5.5%. The company incurred a GAAP net loss of $10.9 million in Q4 and $48.7 million for the year. However, adjusted EBITDA was stable at $6.4 million for the quarter and $27.8 million for the year. Looking forward, the company expects full-year 2021 revenue between $275 million and $285 million with adjusted EBITDA guidance of $30 million to $35 million, indicating growth.
Synchronoss Technologies, Inc. (NASDAQ: SNCR) has officially appointed Jeff Miller as its President and CEO, following his interim role since September 2020. Miller, who joined the company in 2018, previously held various leadership positions at IDEAL Industries and Motorola. The Board expressed confidence in Miller's leadership during challenging times, emphasizing his alignment with the company’s goals for future growth and profitability. Miller highlighted that Synchronoss is committed to aiding telecom operators in generating new revenue through innovative products and services, especially in the evolving 5G market.
Synchronoss Technologies (NASDAQ: SNCR) will announce its Fiscal Fourth Quarter and Full Year 2020 financial results on March 8, 2020, after market close. A conference call for analysts and investors will follow at 4:30 p.m. Eastern Time. Participants can access the call by dialling 800-437-2398 or +1 786-204-3966 (international). The live and archived webcast will be available on the company's Investor Relations website.
Synchronoss Technologies, Inc. (SNCR) announced the issuance of restricted stock and stock option awards to three new employees. These inducement awards, totaling 5,925 restricted stock units and 1,975 stock options, were approved by the Compensation Committee under the 2017 New Hire Equity Incentive Plan. The restricted stock will vest over four years, while the stock options will also follow a similar vesting schedule, contingent on continuous service. This initiative reflects Synchronoss' commitment to attracting talent in the cloud, messaging, and IoT sectors.
Synchronoss Technologies, a leader in cloud and digital technologies, will present at the 23rd Annual Needham Virtual Growth Conference on January 15 at 1:15 pm ET. The presentation will be accessible via a live webcast on their investor relations site. Additionally, the company will conduct 1x1 and small group meetings with investors on January 14. For meeting arrangements, interested parties can reach out through Synchronoss’ investor relations.
Synchronoss Technologies, Inc. (SNCR) announced the issuance of restricted stock and stock option awards to five newly hired employees as part of their 2017 New Hire Equity Incentive Plan. The grants, approved by the Board's Compensation Committee, total 3,975 time-based restricted stock awards and 1,325 time-based stock option awards. Both awards will vest annually over four years, contingent upon continuous service. This initiative aims to enhance employee retention and align interests with shareholders.
Synchronoss Technologies has completed its third quarter with a notable financial performance, reporting GAAP revenue of $68.6 million, up 31.5% year-over-year. Recurring revenue increased to 80% of total revenue, indicating strong customer retention.
The company reduced its GAAP net loss significantly to $15.4 million from $69.4 million in the same quarter last year. Non-GAAP net income reached $1.7 million, a substantial recovery from a $25.4 million loss. Adjusted EBITDA rose to $8.1 million, reflecting a 40% year-over-year increase.
Synchronoss Technologies (NASDAQ: SNCR) will participate in the ROTH Capital Technology Virtual Conference on November 11-12, 2020. CEO Jeff Miller and CFO David Clark will conduct 1x1 and small group meetings with investors during the event. Interested participants can register by contacting registration@roth.com or through their ROTH representative. This conference highlights Synchronoss' commitment to driving innovation in cloud, messaging, and IoT solutions.
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